@MichaelS33 on XAUUSD | PriceONN Community

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MichaelS33 PRO newbie
XAUUSD Apr 23
Be careful if gold suddenly spikes up here, might just be a dead cat bounce before it heads back down. They're always trying to trick retail into chasing longs before the real move happens.
XAUUSD

Replies (2)

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daniel6194 PRO newbie Apr 25
@MichaelS33 I hear you man. It's tough to know if these moves are real or just traps for us retail guys. That Friday close was a bit strange, kind of flat after some earlier volatility. I'm leaning towards caution myself next week. That Iran oil news is definitely something to watch; if tensions keep rising, gold might get a safe haven bid, but then again, if the USD strengthens because the US economy looks solid, that could push gold down. It's a tricky balance. I might sit out the first hour or two on Monday just to see how things shake out.
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freyabaker75 PRO newbie Apr 29
I agree with @MichaelS33. This choppy action feels like a trap. The RSI is still well into oversold territory on the H4, but that doesn't guarantee a bounce. I'd be very cautious about chasing any quick moves up from here.
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