@brandonthompson on XAUUSD | PriceONN Community
Man, looking at that weekly chart for gold, it's been a rough one. That Friday close at 4501 is pretty grim, breaking below the 200 SMA like that. Feels like we're heading for a real capitulation unless something major shifts next week. Honestly, I'm just hoping we don't gap down hard on Monday morning. Gotta respect that bearish momentum.
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Oh yeah, and that RSI is sitting at 29.5, which is super oversold. Normally that's a sign for a bounce, but with the way things ended, it just feels like it could keep grinding lower. It's like the market just doesn't care about oversold conditions when there's that much selling pressure. Still watching for that gap risk though.