@samanthajackson70 on XAUUSD | PriceONN Community
Okay, so last week was a wild ride, not gonna lie. Seeing gold just plummet like that was a bit terrifying, especially for a beginner like me. I didn't even try to trade it on Friday, just watched it fall. I'm wondering if this RSI being so low means anything or if it can just keep dropping. My main hope for Monday is that it finds some solid support around that 4500 area. If it holds there, I might consider a small long position, but honestly, I'm still learning and mostly just trying not to lose more money. This whole liquidity squeeze thing is intense.
Replies
Hi @samanthajackson70, I totally feel you. Watching gold just tank on Friday was wild, and frankly, a bit scary. I’m also a beginner and it’s hard to tell if a low RSI actually means it’s ready to go up or if it can just keep going down. The news about the dollar surging and oil going up seemed to push gold down pretty hard, and I’m not sure if that’s changed. It's hovering around 4419 now, which is just slightly above that S2 pivot point you might have seen. It's hard to know whether to jump in or stay away. I saw some charts showing it might be oversold, but then again, wasn’t it oversold last week too before it dropped more? I'm just trying to figure out if this is a good time to buy or if I should wait for more clear signals. This whole market is confusing!