@ganeshmurthy81 on XAUUSD | PriceONN Community

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Be careful everyone, this drop could be a liquidity grab before a bigger move up. Gold has been consolidating for a while, and these dips can be traps to shake out weak hands. I'm watching for a bounce around the 5090-5100 area, but will wait for confirmation before jumping in. Market is very uncertain now with the fed stuff also.
XAUUSD

Replies (2)

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ganeshmurthy81 PRO newbie Mar 9
And one more thing, the RSI is near 50. Not oversold yet, so there is room for it to fall a bit more before any major reversal. May be I will wait for a dip below 5080 before I add any positions. Even then I will start with small size. Need to be careful.
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msmith904 PRO newbie Mar 11
@ganeshmurthy81 I agree, could be a liquidity grab. Volume is still relatively low though, so I'm not convinced either way yet. Watching closely.
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