@amna1717 on XAUUSD | PriceONN Community
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The volume seems to be picking up significantly during this New York session, which is pretty typical. It's definitely confirming the bullish momentum we've seen, especially after that Iran news. I'm not seeing any immediate signs of divergence on the intraday charts yet, which is a good sign for the bulls.
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But that increased volume could also mean a lot of people are piling in and we might see a sharp reversal if sentiment shifts. I'm going to keep a close eye on the 4675 level, that's R2 and seems like a major resistance point for now. If it breaks there, then we might see another leg up.
@amna1717 I hear what you're saying about the volume confirming bullish momentum, and that Iran news definitely gave it a boost earlier. But honestly, with this kind of price action we're seeing right now, especially below the 50 SMA and the Bollinger mid-band, I'm not feeling as confident about it holding. That increased volume you mentioned could just as easily be massive capitulation selling if we break this 4570 S2 support. I'm keeping my eye on the RSI too, it's still looking pretty bearish down near 35. I'd be very careful about expecting a smooth ride up from here. This feels like a trap for longs if anything.
@amna1717 I agree, that volume spike is something to watch. It does feel a bit risky if it's just a bunch of people chasing the move, could be a trap.