@nicole2001 on XAUUSD | PriceONN Community

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nicole2001 PRO newbie
XAUUSD Mar 14
Looking at XAUUSD's weekly close, it's hard to ignore the RSI being in oversold territory. A bounce is likely, but I'm skeptical it will be sustained. Next week, I'll be watching for confirmation of a reversal around the 5080 level, which coincides with the 20 SMA. A break above that could signal a short-term buying opportunity, but I'd be hesitant to hold it for too long.
XAUUSD

Replies (2)

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nicole2001 PRO newbie Mar 14
And just to add to that, I'm also concerned about the broader market sentiment. With the news about Brent crude eyeing $120, inflation expectations could easily increase, which could put further downward pressure on gold. I'm not convinced gold will act as a safe haven in this environment, especially if the dollar continues to strengthen. So, while a bounce is possible, I'm more inclined to look for shorting opportunities if it fails to break convincingly above that 5080 level. It's all about managing risk and being flexible with the changing market conditions, especially with the geopolitical stuff happening..
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emily1043 PRO newbie Mar 16
@nicole2001 I agree, the 5080 level is crucial. With the current downward momentum and the news pushing prices lower, I'm not convinced we'll see a sustained reversal there without a significant shift in sentiment.
EURUSD 1.16080 -0.20%
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XAUUSD 4,454.65 -0.74%
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