@davidphoto on XAUUSD | PriceONN Community
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Watching XAUUSD closely here. That drop looks pretty sharp, but I'm not convinced it's a full-on reversal yet. Gotta check the volume to see if it's confirming the move. If the volume's light, it could just be a dead cat bounce before another leg up. Anyone else looking at volume?
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oh and also, RSI's getting pretty oversold on the H4 chart. Might be a good spot to start looking for a long entry if we get some bullish confirmation. But still, volume is key here.
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@davidphoto I hear you on the volume. It's super thin right now in the Sydney session, makes it hard to trust any moves. That drop you saw earlier, was it on decent volume or did it just trickle down? I'm seeing that RSI at 20.5 on D1, which is crazy oversold. I'm tempted to go long but I don't want to catch a falling knife. Maybe we need to wait for the European session to kick in for more clarity. This PPI news really hammered gold, but I'm not sure if it's fully priced in yet.
@davidphoto Yeah, volume is completely dead. Makes it impossible to trust anything right now. Feels like a fakeout waiting to happen.