@ApexHunt38 on XAUUSD | PriceONN Community
Gold's taking a beating today! Looks like the bears are having a field day. I'm seeing it heading towards 5050 before any real bounce. Could be a good short-term buying opportunity then, but keep a tight stop loss just in case. Remember, gold can be a tricky beast!
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Another update: Looks like 5050 might not hold. We're testing it now. If it breaks, next stop is probably 5000. Ouch! Keep an eye on that 200 SMA too. Could act as support, but tbh, I'm not feeling too confident right now. Maybe time to cut losses?
Update: Still think 5050 is the target. RSI is oversold on the H4, so a bounce is likely soon. But be careful, the overall trend is still down. Maybe scalp a quick profit and get out? Don't get greedy, fellas. This market is ruthless.