@dthomas430 on XAUUSD | PriceONN Community
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yo, gold's been bouncing off that 5130-ish level like crazy today! 😅 feels like it wants to go lower but can't break through. i'm thinking of setting a buy order just below that, maybe around 5128, with a tight stop loss. gotta be quick with this stuff tho, especially during london/ny overlap!
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just moved my entry down a bit... 5126 seems safer now. plus the RSI is getting closer to oversold territory, might give it an extra boost! 🚀
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oh and watch out for news too! that oil price spike could mess things up real quick... gotta stay alert! 👀
@dthomas430 I saw that bounce too! RSI is def oversold, but be careful trying to catch a falling knife. That news about the oil price spike could definitely add to the volatility. I'd wait for a clear sign of reversal before entering, NFA of course.
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@dthomas430 Mate, I hear you on wanting to catch that dip, but honestly, 5130 is looking more like a resistance zone now, not support. That massive drop we've had today has completely shifted the sentiment. The RSI is oversold, sure, but that can last longer than you think in a strong downtrend. Remember that recent news about the Fed decision looming? That uncertainty often leads to sharp moves like this. I'd be very cautious about buying into this weakness; the next big level to watch is definitely down towards those pivots you mentioned, maybe even the S2 around 4833.
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@dthomas430 Hey Daniel, I saw that drop too this morning, it's definitely looking a bit scary down here around 4860 now. You're right to be cautious about catching a falling knife. 5130 is way too far from current price action, and that bearish RSI at 36 suggests we might see more downside before any real bounce. I'd probably wait for gold to consolidate or show some bullish divergence before even thinking about going long.