@david125 on XAUUSD | PriceONN Community
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Alright, I'm going long on XAUUSD at 5078.50. RSI is screaming oversold on the H4 chart, and we're basically at the S2 pivot level. Could be a good spot for a reversal. My target is 5100, but I'm keeping a tight stop at 5070 just in case. This news about rising oil prices isn't helping gold, but maybe it's already priced in? Let's see what happens... 🤞
Replies
Hey @david125, I saw that too! I'm really watching the candlestick patterns on the 15-min chart. I think I spotted a bullish engulfing pattern forming right around that 4800 level. It's still early, but if it closes strong like that, it could signal a nice bounce back, especially with RSI being so low. What do you think, could this be the start of a reversal?
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Hey @david125, I hear you on the oversold RSI. But 5078 seems a bit high to go long right now, especially with the overall bearish trend we're seeing. Price is already below the 200 SMA. I'm more inclined to wait for a clear break of a resistance level or a confirmed bullish reversal pattern lower down, maybe near that 4600 pivot.