@dawnbreak863 on XAUUSD | PriceONN Community
Just entered a small short position on XAUUSD around 4792. The 20 SMA is acting as resistance on the H1 and the bearish news about the Iran talks is still lingering. Hoping to catch a quick scalp down to the S1 pivot at 4785. Will set a tight SL just above the session high.
Replies
Hmm, actually looking at the D1 chart, the 200 SMA is still holding as support around 4750. So this short might be risky if we get some unexpected positive news out of nowhere. I'll keep a close eye on that level and might adjust my SL if things get dicey.
B
Hey @dawnbreak863, I feel you on that short. That 20 SMA has been a decent resistance on H1 lately. But yeah, the D1 200 SMA at 4750 is a big support level. The Iran news is definitely adding some fuel to the downside pressure, but I'm with you, one unexpected headline and this whole thing could flip. Might just sit this one out for now and wait for clearer signals.
D
Hey @dawnbreak863, I saw your short setup around 4792. Good observation on the H1 20 SMA acting as resistance, that's a classic spot to look for shorts. And you're right, the Iran ceasefire news definitely added some bearish pressure to the market yesterday, which is probably why you entered. But man, that D1 200 SMA at 4750 is a tough nut to crack. I've seen gold bounce hard off that level before. If price gets down there, I'd be very cautious about holding a short through it. The geopolitical situation is still fluid, and any shift could easily send us the other way. Keep that SL tight for sure, just like you planned. It's a tricky balance between the short-term resistance and that long-term support.