@sitirahman14 on XAUUSD | PriceONN Community
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Weekend charts look grim for gold. Friday's close below 4500 is rough. SMA 20 and 50 are still way above us, showing a clear downtrend. RSI is deep in oversold territory though, maybe a bounce is coming. Hard to say with the market shut.
Replies
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Actually, looking at those Bollinger bands, the price has really slammed against the lower one. If we get a gap up Monday and break through that 4500 resistance, things could change fast. But given the overall bearish structure and those SMAs, I’m still expecting more downside eventually. This could just be a dead cat bounce.
Hey @sitirahman14, you think it's grim? I saw that Friday close too, but I'm feeling a bounce coming. With all this geopolitical drama heating up, gold usually spikes. I'm already watching for a potential entry if it breaks 4500. Let's see if it gaps up!