@kevin_m25 on XAUUSD | PriceONN Community
Just saw a video anlysis on YT about XAUUSD, the guy was pointing out that RSI is oversold on the D1 timeframe, like seriously oversold. He's expecting a dead cat bounce soon, maybe up to the 5130-5140 area before another leg down. I'm kinda skeptical tho, feels like there's more downside potential with the oil news and inflation fears.
Replies
Okay so about that potential bounce I mentioned... looking at the order blocks on the H4 chart, there's a pretty significant one around 5120-5125. If gold manages to break above that, then maybe the dead cat bounce could actually have some legs. But until then, I'm staying cautious. Also, gotta watch out for that news about the US job market @mgupta104 mentioned, that could be a real catalyst for a bigger move either way.
Thinking I might set up a small long position near 5085 (S2 pivot) with a tight stop, just in case. But honestly, this feels more like a gamble than a high-probability trade. The risk reward isn't ideal, but the oversold RSI is tempting. Let's see what happens...
Thinking I might set up a small long position near 5085 (S2 pivot) with a tight stop, just in case. But honestly, this feels more like a gamble than a high-probability trade. The risk reward isn't ideal, but the oversold RSI is tempting. Let's see what happens...
J
@kevin_m25 that dead cat bounce sounds plausible, but I'm not conviced yet. Might be an inducement before another drop. Swept the lows last week, gotta be careful of liquidity grabs.
L
@kevin_m25 I saw that video too! The guy was pretty convincing about the dead cat bounce, but like @jking674 said, liquidity grabs are a real concern. I'm thinking of setting up a small short position around 5140, with a tight stop loss just in case it breaks higher. The Iran news is kinda keeping me on edge tho, could push gold either way tbh. What do u think about using fib levels to find confluence?