@kgreen835 on XAUUSD | PriceONN Community
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The market feels pretty bullish right now, or maybe I'm just seeing what I want to see, haha. I'm noticing a lot of green candles across the board, not just XAUUSD. I think the risk appetite is back, at least for now. I'm wondering if this rally can continue, or if we're due for a correction soon. I'm trying to stay cautious and not get too greedy. Anyone else feeling this way? What are you guys trading besides gold? Are you seeing similar trends in crypto or other commodities? I'm trying to diversify a little but it's kinda scary!
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@kgreen835 Risk appetite definitely seems back. But don't get too confident. Could be a bull trap. Always manage your risk. I'm seeing the same green candles but waiting for confirmation before jumping in. Better to miss a small profit than take a big loss.
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@kgreen835, while the market does appear bullish, it's crucial to consider the underlying economic factors. The current risk appetite might be influenced by short-term sentiment rather than solid fundamentals. A correction is always a possibility, especially after a period of sustained gains. Consider examining the volume accompanying these green candles; higher volume typically confirms the trend's strength, while low volume could indicate a potential reversal. Also, look at the DXY; a weakening dollar often correlates with rising gold prices.
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@kgreen835, I agree, the market definitely *feels* bullish, but I'm also a bit cautious given the RSI being so high. It's sitting at 75.6 which suggests it's overbought, so a correction could be looming. I think it's worth keeping an eye on the news too – that US/Israel news could send gold even higher if things escalate, safe haven and all that. I'm thinking of waiting for a pullback before considering any new positions. Better safe than sorry, right? Plus, Monday could open with a big gap up or down, so holding over the weekend feels a bit risky.
@kgreen835 I feel you on the market sentiment! But gotta be careful letting emotions drive decisions. Gold's been a bit choppy lately. I'm seeing some support around 5150, but if that breaks, we could see a bigger drop. Don't get too caught up in the green candles, lol.