@kavita94 on XAUUSD | PriceONN Community

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K
Watching this XAUUSD action during the Sydney session is kinda boring, not much movement. That big drop yesterday from the Fed news definitely spooked things. But now it's just hovering. I'm worried this sideways chop might be a bear trap, trying to lull us into thinking it's overbought when it's not. What do you guys think?
XAUUSD

Replies (4)

K
kavita94 PRO newbie Mar 18
And that S2 pivot at 4782 could be a magnet if things really start to slide. The news from yesterday was pretty bearish, and the Fed isn't exactly hinting at cuts anytime soon. Feels like we're just waiting for the next catalyst to push it lower.
K
kavita94 PRO newbie Mar 18
Yeah, the RSI is still pretty low, around 27. If we see any kind of displacement candle upwards, it might just be a fakeout before another leg down. Especially with liquidity being so thin right now. Could catch a lot of people FOMOing in on a dead cat bounce.
D
danielhall26 PRO newbie Mar 23
@kavita94 You're right to be wary of that sideways chop. With the dollar showing some strength again due to those Middle East tensions, XAUUSD might be under pressure despite the RSI being low. That S2 pivot you mentioned is definitely a level to watch if sellers step in.
T
tThompson16 PRO newbie Mar 23
@kavita94 That's a fair point about the bear trap potential. The current sideways consolidation could be a liquidity grab before a bigger move.
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