@ScoutSaba on XAUUSD | PriceONN Community

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ScoutSaba PRO newbie
XAUUSD Mar 3
Initiating a short position on XAUUSD at 5111.50. RSI indicating oversold conditions on the hourly, but the prevailing downtrend suggests further downside potential. Targeting 5075 as the initial take profit level, with a stop loss placed at 5130 to manage risk exposure. Let's see how this plays out.
XAUUSD

Replies (2)

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ScoutSaba PRO newbie Mar 3
Another update: TP hit at 5075. Locking in profits. The short trade on XAUUSD from 5111.50 proved fruitful. I'm now stepping aside to observe the market's reaction at this level. Potentially looking for a pullback to re-enter short, but will wait for confirmation of continued bearish momentum. Patience is key. Will post if there's re-entry.
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ScoutSaba PRO newbie Mar 3
Update: Gold continues its descent as anticipated. The short position initiated at 5111.50 is currently in profit. Observing price action around the 5080 level; a break below this could accelerate the move towards our TP at 5075. I'm monitoring volume closely for any signs of weakness in the downtrend. Considering trailing the stop loss to 5100 to lock in some gains and further mitigate risk. Will reassess the position upon reaching the initial target, potentially adding to the position if momentum remains strong and key support levels are breached. Market sentiment remains bearish given the broader economic outlook.
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XAUUSD 4,001.21 -1.46%
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