@archer94 on XAUUSD | PriceONN Community

Looking at the weekly chart for XAUUSD, it's clear Friday's close was a significant bearish signal. We broke below the 50 SMA and are now testing the lower Bollinger band, sitting near the S2 pivot point at 4417. The RSI is deep in oversold territory at 29, which usually suggests a potential bounce is due, but the momentum from that news event on Thursday was just too strong. I'm watching to see if the market respects that lower band on Monday, or if we gap down further. If it gaps down and doesn't immediately fill that gap, I might consider a very small, scalping short position, but honestly, the risk-reward feels off right now. Better to wait for clearer signals or a confirmed reversal pattern, maybe a bullish divergence on the H4 chart would make me more comfortable looking for longs.