@archerThomas on XAUUSD | PriceONN Community
I'm really wary of this current move up on XAUUSD. We saw that sharp drop just before, and now the price is trying to claw back some ground. But look at the volume – it's incredibly low, almost non-existent. This suggests a lack of conviction from buyers. It feels like a potential bull trap is forming. We've also got resistance looming around the 4506 pivot point. A move above there would be more convincing, but until then, I'd be very cautious about getting long. This could easily reverse and head back down, especially if any of those geopolitical tensions flare up again. Remember that news about Liberty Gold selling off assets; it shows miners are looking to offload projects, which isn't always a bullish sign for the metal itself.
Replies
Hey @archerThomas, I totally get what you're saying about the low volume. It does make this bounce look a bit suspicious, right? Like the big players aren't really jumping in. I'm seeing that resistance around 4480-4490 area as well, and it's just not breaking convincingly. My gut feeling is that if we can't get some serious buying pressure to push through that 50 SMA, we might be looking at another leg down. It feels like we could be heading for a liquidity grab below the recent lows. It's definitely making me nervous about holding any long positions right now.
@archerThomas I see what you mean about the low volume. This bounce feels a bit shaky. I'm hesitant to jump in long right now.