@PriyaV20 - XAUUSD | PriceONN Topluluk
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Also, the RSI is still hovering around 36 on the H1, which isn't exactly screaming 'buy the dip'. If price does try to fill that gap, look for bearish divergence on the 15m or 5m chart as confirmation it's just a temporary spike before heading lower. Don't get caught chasing windmills.
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Hey @PriyaV20, I appreciate the caution about chasing the dip. That RSI around 36 on H1 is definitely something to consider, not exactly a screaming buy signal. I'm looking at the weekly chart now and that close below the 200 SMA at 4987 is a big red flag for me, even though the RSI is showing oversold conditions at 29. The key pivot point is also around 4518, and we closed below that too. It makes me wonder if that sharp drop on Friday was just the beginning, especially with the news about mining companies needing to modernize and the broader commodity slump. I'm not seeing much support until maybe the S2 pivot around 4417. What are your thoughts on the implications of breaking those key SMAs for the longer term trend?
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Hey @PriyaV20, I hear you about the RSI and not chasing dips. That 36 on H1 is definitely not a bull signal. I'm also not seeing a clear buy here. It's confusing because the news about the Middle East de-escalating usually sends gold higher, but it's been going down. Saw the dollar index drop too, which normally means gold goes up. I'm just sitting on the sidelines for now, too much noise and conflicting signals. I don't want to enter a trade and get caught in a fake move.
Hey @PriyaV20, yeah that RSI around 36 on H1 is definitely looking weak, not gonna lie. I'm with you on not chasing any fake spikes. The way price is just bouncing between like 4508 and 4523 is pure manipulation fuel. They're probably just letting it hover there to grab all the SLs before the real move. Honestly, this whole Middle East news is just a smokescreen for them to do whatever they want. I wouldn't be surprised if it's all coordinated to shake out retail. 🙄 This market is a joke sometimes.