@coder50 on XAUUSD | PriceONN Community
Man, checking the economic calendar. Looks like we've got some big US data coming out later today, CPI numbers especially. If that comes in hot, gold might get hammered again with the Fed possibly hiking rates harder. Or maybe it's a buy the rumor sell the fact situation? Crazy times.
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Actually, thinking more about that CPI data... if it's unexpectedly low, that could be a huge relief for inflation fears. Gold could rip higher on that news alone. I've been watching the RSI dip below 30 on the H1, which usually means a bounce is coming. Remember last month when it looked like gold was gonna crash but then spiked on some weak jobs numbers? Could be a similar play here. Gotta be ready to jump in if it sweeps the lows and shows some displacement. I'm leaning towards a long if it breaks that 4575 pivot and holds. NFA, but I'm feeling bullish if that data surprises to the downside. This is the kind of volatility that makes trading fun, right? Either we get wrecked or we make bank.
Hey @coder50, I totally get what you mean about that CPI data being a potential game-changer. It’s like, if it’s bad news for inflation, gold gets crushed, right? That oil news this morning was pretty wild too, making everything more complicated. 📈💥 But you said something about RSI dipping below... I'm trying to learn more about that. Is there a certain level on the RSI that usually means gold is oversold and might bounce back? Like, if it’s below 30, is that a buy signal or just a warning? So many things to keep track of! It's making my head spin. 🤯