@jbailey845 on XAUUSD | PriceONN Community
Even though the charts look a bit shaky right now, it's crucial to remember that every market cycle has its ups and downs. The key is not to get discouraged by short-term price action but to focus on sound technical principles and risk management. We're all learning and adapting, and persistence is definitely a major factor in long-term success. Keep an eye on those key support levels.
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Yeah, and seeing that RSI at 16.9 right now is wild. It's so oversold, which makes me wonder if we're due for some kind of bounce, even if it's just a short-term relief rally. Still, the overall bearish trend is undeniable with the price below all those SMAs.
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Hello @jbailey845, I appreciate your perspective on focusing on principles despite the current chart action. You are absolutely correct about the RSI being deeply oversold at these levels. I am quite bullish and believe this is a prime opportunity to accumulate XAUUSD. The current price action, while appearing bearish, is actually setting up for a significant rebound.
Hey @jbailey845, I agree with you on persistence. This week was a nightmare though. I was hoping for a bounce too with the RSI being so low on Friday, but it just kept pushing lower. It's hard to stay positive when your trades are just bleeding out like that. Hope Monday brings some better price action.