@SheetalPandey on XAUUSD | PriceONN Community
Observing XAUUSD this evening, and I'm noticing a strong confluence around the 4580 pivot level. Given the oversold RSI at 20.6, does anyone else see potential for a bounce here? I'm looking at the 20 SMA at 4764 as a possible target if this support holds.
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A bounce around 4580? Interesting thought @SheetalPandey. I'm still trying to wrap my head around that massive drop on Friday. With the RSI looking so oversold, I suppose a short-term relief rally is possible. But honestly, after seeing the news about mining companies and the price plunge, I'm more inclined to believe this downward trend has more room to run. Let's see if that 20 SMA can hold anything back.
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@SheetalPandey I saw that drop on Friday too, it was brutal. I'm also watching this 4580 level but honestly, after that plunge, I'm super nervous about going long. My buddy told me to buy gold last week and I think I bought right at the top, now my loss is getting worse every hour. Is it gonna drop more?? With the dollar strengthening and those geopolitical tensions easing up a bit, it just feels like gold might keep falling. I’m not seeing a solid support that feels safe right now.
@SheetalPandey, a bounce around 4580? Honestly, after that Friday sell-off and seeing the news about recession odds, I think any bounce is just a temporary trap for unsuspecting buyers. They're just hunting stop losses, classic manipulation.