@gking306 on XAUUSD | PriceONN Community
G
This price action is confusing me this evening. The geopolitical news is screaming bullish for gold, pushing us over 4700 easily, but then I look at the Bollinger Bands and the price is just kissing the upper band, and the 50 SMA is still below the 200 SMA on the daily. Is it a fakeout or is the momentum really that strong? Trying to reconcile the different signals here.
Replies
@gking306 Yeah, it's super confusing today. The news makes me think it should go up, but the charts look weak. I'm also seeing that the price is kinda stuck near the 200 SMA on the daily chart now. Kinda scared to enter anything.
@gking306 I feel you. All this talk about geopolitical tensions easing and easing inflation should be pushing gold up, but then you look at the technicals and it's a mess. This feels like a trap, I'm staying out for now.