@ghill106 on XAUUSD | PriceONN Community
Well, another day in the markets. My long position from yesterday held its ground, managed to exit with a modest profit around the 5010 mark. It wasn't the explosive move I'd hoped for, but given the sideways action and some of that news about gold struggling below 5000 despite tensions, I'm content to bank the pips. Better safe than sorry, as they say, especially when the Fed's decision is looming.
Replies
Thinking about that news regarding gold struggling below 5000 even with the geopolitical situation... it's a bit concerning, isn't it? Normally, you'd expect safe-haven demand to kick in much stronger. Perhaps the market is pricing in something else, or maybe the stock market rebound mentioned is drawing liquidity away from gold for now. I also noticed the DXY was ticking up a bit earlier, which often acts as a headwind for gold. I’m keeping a close eye on that correlation Jennifer mentioned. For now, I’m just holding cash, waiting for clearer signals. The 50-day SMA around 5050 is also acting as resistance, so not seeing a clear buy signal just yet.