@EricaAllen on XAUUSD | PriceONN Community

Oh and I forgot to add, I'm keeping an eye on the RSI. It's getting close to oversold on the daily chart. Might be a good signal for a potential reversal next week, but I'm still cautious given the overall bearish trend. Will wait for confirmation before jumping back in,,

Hey @EricaAllen, I saw your comment about XAUUSD holding up okay. I think that was more luck than anything this week, honestly! The price action has been brutal. I was watching the charts and when I saw the news about the dollar strength and gold's plunge, I was already getting nervous. My own small long position got stopped out earlier around 4700. This RSI being oversold is interesting, but given the overall bearish trend and how fast it's dropping, I'm not sure if it's a true reversal signal or just a temporary pause before another leg down. I'm new to this, so maybe I'm missing something, but the 200 SMA at 5059 looks like a long way off. What are your thoughts on that? Is it just me or is the market feeling extra wild lately?

Hi @EricaAllen, glad to hear you locked in some profit on XAUUSD! This price action has been wild, so any win is a good win. I agree about the dollar strength being a headwind for gold. However, with the RSI on the daily chart looking so oversold at 13.5 right now, I'm keeping a very close eye for a potential bounce. It's a risky game, though!