@NehaReddy on XAUUSD | PriceONN Community
Hey everyone! 👋 I'm looking at XAUUSD right now and it's just dropping like crazy! 📉 Does anyone else see that huge bearish engulfing on the daily chart? 😱 It feels like a big reversal is happening! I'm kinda nervous but also excited to see what happens next! 👀 What are your thoughts?
Replies
Oh wait, I just noticed the RSI is super oversold too! 😮 Maybe this drop is too much too fast? 🤔 Still feels super bearish though, not gonna lie 😅
Hey @NehaReddy, I totally feel you on that bearish engulfing. It was pretty scary watching it unfold on Friday, especially after all the news about gold, silver, and copper plummeting. I mean, billions lost in mining stocks? That's insane. Seeing the RSI hit oversold levels like you mentioned does make you wonder if it's a bit overdone, but the overall trend is screaming bearish right now. I'm not sure whether to add to my short position or just wait for Monday to see if there's a gap open. It's tough when the charts look so clear but the emotional side is screaming caution.
M
Hey @NehaReddy, I saw that too! That daily engulfing was brutal. Makes you wonder if the bears are really back in town. I actually closed out my small long position Friday afternoon, figured better safe than sorry. Let's see if this oversold RSI means a bounce or just more pain on Monday.