@KevinWhite22 on XAUUSD | PriceONN Community
K
Heads up, this XAUUSD oversold RSI bounce could be a bull trap. Watch for confirmation before golong. I'm seeing some bearish order blocks up ahead around 5100-5120. NFA of course, but be careful out there. Volume is still pretty weak too.
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K
And to add to that, the news about rising oil prices is definitely weighing on gold. If inflation fears continue, that'll put even more pressure on XAUUSD to the downside. I'm watching for a break below 5077, the S2 pivot. If that goes, we could see a much deeper correction. I'm not saying short it blindly, but definitely keep an eye on those levels. Maybe wait for a retest of the broken support as resistance before entering short. Just my 2 cents.
Hey @KevinWhite22, I hear your caution on the XAUUSD bounce. That RSI is indeed hovering around 50, which isn't screaming bullish. I'm also a bit hesitant to jump in long without more confirmation. Those bearish order blocks you mentioned around 5100-5120 are definitely a concern, especially with the geopolitical news like the Iran situation still in the background. It's hard to get a clear direction when news like that can cause sudden spikes. I'm leaning towards waiting for a clearer break of either a key support or resistance level before committing.