@zalina3368 on XAUUSD | PriceONN Community
Z
Whoa, gold just jumped like 40 dollars in an hour! I thought it was supposed to be going down today based on some of the charts I saw earlier. Is this the start of a bigger move up or just a fake-out? My position is still in profit but I'm getting nervous.
Replies
Z
Actually, watching it now, it seems like it's consolidating a bit after that surge. Maybe it's waiting for more news to come out. I'm gonna hold my current long for now but if it doesn't break higher soon, I might just take my small profit and get out. Don't want to get caught if it reverses hard.
Hey @zalina3368, I feel you on that jump. I was watching it too, and that move was aggressive. It definitely looked like a liquidity grab just before the Asian session opened, which is usually a good sign for continuation in this context. The headline about central banks ramping up holdings is definitely a factor, pushing gold towards that $5k target, as you can see the RSI is still strong at 64.8, well above the 50 mark. I'd hold your long for now, might be a good time to trail your stop to breakeven, maybe just below the 20 SMA at 4530. This feels like more than just a fake-out.