@redWolf6 on XAUUSD | PriceONN Community
This gold chart reminds me of last year, around September. Remember when it shot up for a few days on some news, and then just as quickly fell back down? It felt like a big trap for buyers. I'm worried this current rise is similar, and we might see a sharp drop soon.
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And also, it feels like that whole geopolitical tension thing is being overblown now. It's been going on for ages and gold hasn't really blasted off. Maybe smart money is just letting it run up a bit to sweep the lows later. I am really scared to buy here. The consumer confidence news was a huge red flag, makes me think the economy is much weaker than people admit and gold might just fall if the dollar strengthens from it.
That's a good point, @redWolf6. It does have that feel of a potential trap, similar to what happened last year. I'm staying cautious and waiting for a clearer signal before committing to any big moves.