@josephwhite52 on XAUUSD | PriceONN Community
J
Weekend analysis on gold. The price action on Friday was brutal, dropping over 3% and closing below the 200 SMA. That's a significant bearish signal for sure. However, the RSI is screaming oversold at 29. I'm contemplating if this is a shakeout before a larger move up or the start of a deeper downtrend. The news about commodity prices tumbling likely contributed to this. I'll be watching the S2 pivot at 4417 very closely if we continue to fall. If that breaks, we could see further downside. For now, I'm staying flat and waiting for clear direction on Monday morning. This volatility is wild.