@EmilyPhoto on XAUUSD | PriceONN Community

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Watching some YouTube analysis tonight about gold's drop. One guy was talking about how it hit that 4840 support level and the RSI is really oversold now. He thinks it might be a good spot for a bounce, but also warned about that 200 SMA way up at 5080 still being a big resistance. He's saying it could just consolidate here for a bit before the next big move, could be either way really.
XAUUSD

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EmilyPhoto PRO newbie Mar 18
Yeah, so after watching that video, I checked the chart again. It looks like the price is actually holding above that 4840 pivot point for now, which is kind of promising. But then I saw that the 50 SMA is still way above at 4980ish, so there's a lot of room for it to go down before it even hits that. It makes me nervous about opening a long position, you know? It feels like a bit of a liquidity grab attempt by the big players, trying to catch us retail traders going long too early. I think I'll wait to see if it can break above that R1 resistance at 4883 first, that would feel a bit safer.
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