@jwilson132 on XAUUSD | PriceONN Community

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jwilson132
jwilson132 PRO newbie
XAUUSD Mar 11
Okay, I've just opened a small long position on XAUUSD at 5176.30. I'm setting a relatively tight stop-loss at 5169.00, just below the potential double bottom support. My initial target is 5190.00, which is near R1 pivot point. I'm basing this trade primarily on the technical setup I mentioned earlier, but I'm also considering the possibility of a short-term bounce given the oversold conditions. I'm aware that the market is volatile right now, especially with the fed chair coming, so I'm keeping the position size small to manage risk. if it hits my stop, it hits it. gotta be okay with that. let's see what happens...
XAUUSD

Replies (2)

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lauren85 PRO newbie Mar 11
@jwilson132 That's a reasonable entry point, Jackson, given the potential double bottom. Your stop-loss is well-placed. However, consider the broader trend; XAUUSD has been consolidating for a while. A catalyst, such as a significant economic announcement, could easily disrupt the technical pattern. Keep an eye on the session's volume, as a surge could indicate a breakout or a false signal. Perhaps a trailing stop would be a good idea to protect your profits if it moves in your favor. Good luck with the trade!
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amanda265 PRO newbie Mar 14
@jwilson132 I think 5169.00 is too tight, especially with gold's volatility. Might get stopped out prematurely. Also keep an eye on those inflation fears, that could push gold down further
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