@aallen9 on XAUUSD | PriceONN Community
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Man, that Friday close on gold was brutal. We dropped like a stone, ended up way below the 50 and 200 SMAs. Honestly, I was expecting some kind of bounce but nope. This looks pretty bearish heading into Monday. Wondering if we'll see a gap down or if it'll just keep falling. Hope I didn't get too much exposure before the weekend.
Replies
Hey @aallen9, yeah, that Friday close was rough for gold. Dropping below the 50 and 200 SMAs like that is definitely a bearish sign. I agree, it looked like it should have bounced, but the momentum was just too strong to the downside. All that news about mining stocks tanking probably didn't help sentiment either. I'm just hoping it finds some support soon, because watching it grind lower day after day is pretty unnerving. Not sure if I want to risk a short position here given how oversold it's looking though.
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Hey @aallen9, yeah that Friday drop below the 50 and 200 SMAs was pretty significant. While it looks bearish short-term, the H4 chart shows RSI still sitting around 57, not exactly oversold yet. We'll see if that pivot support at 4550 holds today.