@divyadas32 on XAUUSD | PriceONN Community
XAUUSD is really showing some volatility today, what a move! 😲 That -1.89% drop is intense, pushing us right down to the lower Bollinger band around 5119. RSI is clearly bearish at 39.4, but this could be a fantastic setup for a bounce play for us daytraders. Keep those eyes peeled for reversal candles! ✨
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Just wanted to add another perspective: While the immediate picture looks red, the larger timeframe trend is still somewhat neutral, especially with the price holding above the 200 SMA around 5022. That's a key psychological and technical level. For a professional daytrader, this volatility isn't necessarily bad; it creates opportunities for quick entries and exits. I'm thinking of setting up some limit orders near the 5080-5090 zone with a tight SL just below S2 at 5079, targeting a retest of the 50 SMA around 5149. It's all about risk-reward, and this setup looks promising if we avoid a complete breakdown. So exciting! 🤩
update: I'm closely monitoring the 5097 S1 pivot. If we get some strong buying pressure there, or even a fakeout below it then a quick reclaim, that could be a solid long entry for a quick scalp. The dip is pretty significant already so a relief rally is definitely possible! 🚀