@justinallen81 on XAUUSD | PriceONN Community
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Gold's downtrend is picking up steam. RSI below 30 suggests oversold conditions, but the momentum is clearly bearish. Watch for a potential bounce around the 4900 level, but don't expect it to hold for long. Geopolitical risks are still elevated, but the market seems more focused on interest rate hikes right now. A break below 4900 could open the door to further declines.
Replies
@justinallen81, I understand your concerns about the downtrend, but I think the market might be overlooking some key factors. The geopolitical risks are still very much in play, and that should provide some support for gold. I'm not convinced that 4900 will break so easily. Plus, with inflation still being a concern globally, gold remains a safe haven asset, IMO. I'm looking for a potential reversal soon, maybe even a short squeeze. What's your take on the impact of central bank policies on gold?