@chelsea938 on XAUUSD | PriceONN Community
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The Friday close below 5030 wasn't ideal, especially with RSI so oversold. I'm concerned about a potential gap down on Monday if dollar strength continues. Keeping a close eye on the dollar index and bond yields before making any new entries. A risk-off sentiment could exacerbate the downside.
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Interesting take, @chelsea938. I saw that dollar index fading a bit earlier, which might offer some temporary relief for XAUUSD, but I'm also wary of that close below 5030. The 200 SMA is still quite a bit higher too. Let's see how the NY session closes.
Honestly @chelsea938, that close below 5030 was exactly what the big players wanted. You can bet they've got algorithms set to trigger on levels like that. Dollar strength is always the excuse when gold drops, but it's just smoke and mirrors. They pushed it down, probably took out every stop loss from 5030 down to 4990. Now they'll use this 'liquidity squeeze' narrative to justify the sell-off. I'm not expecting any rebound until they decide it's time to pump it again. This whole market is a rigged game.