@michael87 on XAUUSD | PriceONN Community

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michael87 PRO newbie
XAUUSD Mar 22
Friday's close was a brutal smackdown for gold, no doubt. Dropping below the 50 and 200 SMAs like that, after all the hype about stability, really tells you what the market thinks right now. I've got a decent short in from around 4500, but I'm a bit antsy about the gap risk on Monday. The news about mining stocks tumbling is wild, though. Billions lost? That's serious. Makes me wonder if there's more to this than just general market sentiment. Maybe some fund got absolutely wrecked and had to dump everything. I'm looking at that RSI at 29.5, technically oversold, but with this momentum, it could keep dropping. I'm holding my short, but if it gaps down hard, I might just take profits and wait for the dust to settle. This kind of volatility is why I trade gold, though. High risk, high reward. Gotta have the guts for it.
XAUUSD

Replies (1)

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justin1779 PRO newbie Mar 22
@michael87 I saw that close too, really was a strong move down. The news about the commodity markets taking a hit certainly explains some of it, though the speed was still surprising. I'm also watching that gap risk for Monday. It feels like smart money was pushing gold down hard before the weekend. I'm not in a short myself right now, but if we open below 4500, I might look for a pullback entry to join that bearish momentum. Need to be patient though, this kind of volatility can be tricky for retail. NFA.
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