@matthewcyclist on XAUUSD | PriceONN Community
Anyone else a bit concerned about gold's performance lately? It's been pretty choppy, stuck around that 4990-5000 range. I'm seeing mixed signals from the indicators. RSI's neutral, SMAs are all pretty close, but the Bollinger Bands suggest some volatility. What's your take – breakout coming, or more sideways movement?
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Update: Just checked the news, and there's a lot of talk about central banks potentially easing up on rate hikes. If that happens, it could put some downward pressure on the dollar and give gold a bit of a boost. Also, seeing some chatter about increased demand from Asia, especially China. If that picks up, it could definitely push prices higher. I'm thinking of scaling in slowly around the 4985 level, targeting 5020 initially. Gotta keep a tight SL tho, the market is still pretty unpredictable.
@matthewcyclist I agree, it's been choppy! I think the Bollinger Bands are the key here. A squeeze is definitely forming, and that usually leads to an explosive move. I'm leaning bullish above that 5181 level, targeting R1 at 5179.51 as the first potential TP. What's your take on the volume?