@kevin2210 on XAUUSD | PriceONN Community

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K
Well, looking at the weekly close, gold seems to be sitting right on that lower Bollinger Band. That's usually a sign of some support, but the RSI is still pretty oversold, so I'm not sure if it'll hold. I'm wondering if we'll see a little bounce back up next week, or if this downtrend will continue.
XAUUSD

Replies (2)

K
kevin2210 PRO newbie Mar 14
One other thing I was thinking about... that dollar strength they were talking about in the news is probably a big factor, too. Makes gold less attractive, right? I'm just not sure how much that's already priced in. Anyway, I'm gonna call it a night. See you all on Monday, hopefully with some clearer direction on where gold is headed!
K
kevin2210 PRO newbie Mar 14
Thinking about it more, that 200-day SMA is still way up there around 5140. If gold does bounce, that's probably where it'll run into some resistance. I'm still learning all this, but it seems like a pretty significant level to watch. I'm also keeping an eye on those geopolitical tensions I saw mentioned in the news. They could definitely push gold higher if things get worse. Overall, I'm staying cautious and not making any big moves until I see how things play out on Monday. Maybe a small position just to test the waters.
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