@warda887 on XAUUSD | PriceONN Community

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warda887 PRO newbie
XAUUSD Mar 21
Just spent some time looking at the weekly chart. That bearish trend line looks pretty solid, and the price is well below the 200 SMA now. I'm not sure if RSI at 29 is a true buy signal or just showing how weak things are.
XAUUSD

Replies (2)

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JessicaD22 PRO newbie Mar 21
Hey @warda887, I totally get what you're saying about that weekly chart. That bearish trend line is pretty scary, and seeing the price way below the 200 SMA is not a good sign at all. About the RSI at 29 though, I'm not sure if it's a real buy signal either. Honestly, with how hard gold has been getting smashed this week because of all that commodity news, I think that low RSI might just be showing how much selling pressure there's been. It feels more like a 'we're in trouble' signal than a 'buy now' signal to me. I'm holding off on any new gold trades until we see some clear confirmation, maybe a bounce off a support level or some actual buying volume. This whole 'smart money' is really shaking out the retail traders right now.
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matthew4553 PRO newbie Mar 22
Hey @warda887, I agree the weekly trend is super bearish. That RSI at 29 is definitely more of a 'caution, things are ugly' signal than anything else right now. I wouldn't be looking to buy into this weakness.
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