@njoshi103 on XAUUSD | PriceONN Community
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I've been observing the price action on XAUUSD very closely following this substantial drop. The RSI is currently at an extremely oversold level, around 13. Historically, such readings often precede a bounce, but given the prevailing bearish trend and the recent news about dollar strength, I'm hesitant to commit to a long position yet. Is anyone else seeing any bullish divergence on lower timeframes, perhaps on the H1 or H4 charts, that might suggest a short-term reversal is building? I'm particularly interested in whether the S2 pivot at 4635.31 can hold if the selling pressure continues.
Replies
@njoshi103 I hear you on the RSI being oversold. It's definitely flashing a warning sign there. But like you said, this trend is super bearish right now. I'm not willing to bet on a bounce just yet, especially with how volatile things have been. It might just keep grinding lower. I'm staying on the sidelines for now, too risky to jump in.