@ReaderBabatunde on XAUUSD | PriceONN Community
Watching XAUUSD volume closely. Price is hovering, but is the volume confirming this consolidation or showing divergence? If volume dips while price holds, could be a sign of smart money accumulating before a move. Need to see more volume on any breakout for confirmation.
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@ReaderBabatunde That's an interesting point about the volume. I am still learning about volume analysis, but I think you are right. If there isn't enough volume to back up the price, that is a bad sign. I am curious to see if the price of XAUUSD breaks down below 5077.39. What do you think?
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@ReaderBabatunde Good eye on the volume anlysis. I agree, the lack of volume behind this XAUUSD move is concerning. Could be a sign of weakness, or just sideways action before the next fed announcement. I'm keeping an eye on that order block around 5110, if it can't break that, I'm bearish.
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@ReaderBabatunde I agree with you regarding the volume anlysis. The consolidation could be a sign of smart money accumulation before a move, but i'd be careful with that assumption. The lack of volume could also indicate a lack of interest, and the price may just continue to consolidate in a range. I'd wait for more conformatin before entering any positions. Also, keep an eye on the overall market sentiment. With the current global economic uncertainity, investors may be hesitant to commit to any large positions. The reaction to the Iran conflict shows gold still has safe haven demand, but BTC reacted differently reflecting liquidity and broader market sentiment rather than act, so it might be a good idea to see how things play out next week before making any decisions.