@chloetaylor79 on XAUUSD | PriceONN Community
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Friday's close was interesting, kinda bearish but RSI is oversold now. Makes me wonder if smart money will step in early next week for a reversal. I'm not convinced the downtrend will continue without at least a small bounce. Keeping an eye on the dollar strength, though. That recent news about gold facing weekly decline is def something to watch.
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@chloetaylor79 Yeah that close was a bit iffy. I'm not seeing a strong reversal signal yet, especially with the dollar still looking strong after that Fed news. Might be a dead cat bounce attempt if anything.
@chloetaylor79 I hear your point about the oversold RSI and the possibility of smart money stepping in. However, the bearish momentum today has been overwhelming. We've seen a significant breakdown, and the dollar strength narrative seems to be dominating the gold market for now. The recent news you mentioned could be a factor, but technically, the chart is screaming sell. I'm not seeing any clear reversal patterns yet, and the break below the lower Bollinger Band at 4616.9 is a strong bearish signal. I'll be looking for confirmation of a bottom, perhaps a higher low on the H1 or H4 chart, before considering any long positions. Until then, it's still risk-off for gold in my book.