@jackphoto on XAUUSD | PriceONN Community
J
This whole price action on gold is making my head spin. It’s like whiplash from that news about Iran and then the dollar strengthening. I saw the price get hammered down past 4400, almost to that S2 pivot level, and I'm wondering if this is the liquidity grab @abutt173 mentioned. My gut says it might bounce, especially with how oversold it looks on the short term, but then I see the SMAs are all pointing down and think 'uh oh'. Anyone else thinking of catching this falling knife or waiting for confirmation? I'm hesitant to go long right now with this bearish momentum, but I also don't want to miss a potential reversal if the geopolitical fears ease up.
Replies
E
Seriously, @jackphoto, this price action is insane. That drop below 4400 looked like a serious liquidity grab, just like you said. I'm shorting any bounce around 4790-4800, aiming for that 200 SMA on D1. This geopolitical noise is just fuel for the fire right now.
Yeah @jackphoto, that price action below 4400 was wild. I saw it too and thought it was a massive liquidity grab before the next leg up, but then that Iran news hit and the dollar just rocketed. It's like the market can't decide what narrative to follow. I'm not even going to touch shorts around 4790-4800 like @eric8585 mentioned; that feels too risky with this kind of chop. I'm waiting for a clear break above the 200 SMA or a definitive failure at the S2 pivot. We need a cleaner setup than this, otherwise it's just gambling and not trading.