@sMurthy75 on XAUUSD | PriceONN Community
This XAUUSD drop is wild. I'm thinking of entering a small long, maybe just a micro lot to start. Gotta be careful with position sizing when I'm this new, don't want to get wiped out overnight. Just testing the waters, really.
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Actually, looking at the RSI at 27.9, it does seem oversold, right? Like a potential buy the dip moment? But then the SMAs are way above current price, so that's not helping my confidence. It's hard to tell if this is just a temporary pause or the start of a bigger fall. I saw that GBP/USD news and it made me wonder if the whole market sentiment is just risk-off, which would be bad for gold. I guess I'll set a tiny stop loss, just in case. NFA, obviously.
Yeah, just worried about sleeping with a position open. What if there's some crazy news overnight? This oil shock thing is making me a bit jumpy about inflation and gold's safe haven status. Maybe I should just stick to backtesting for now.
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@sMurthy75 Oversold? You call that oversold? That's just a little dip before they push it lower, trust me. They are always hunting stops below those obvious levels. And yeah, the SMAs are laughing at you right now. Don't fall for the trap, this is classic manipulation.