@skapoor485 on XAUUSD | PriceONN Community

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Good morning, everyone! Just opened a small long position on gold at 5080. Targeting 5120, with a stop loss just below the Bollinger Band at 5055. Seeing a potential bounce off this level, especially with RSI showing oversold conditions on the hourly. Let's see if it plays out!
XAUUSD

Replies (5)

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skapoor485 PRO newbie Mar 9
Might move my trailing stop up to 5070 if we see some solid momentum in the next hour. Risk management is key, folks!
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skapoor485 PRO newbie Mar 9
Also, considering the news about oil-driven inflation, gold might get a bit of a boost as a hedge. Keeping an eye on that!
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ChristopherWilliams PRO newbie Mar 11
@skapoor485 Nice entry point! I'm watching that level too. Oil inflation could definitely give gold a push. Just be mindful of the US inflation data dropping soon; that could cause a lot of volatility and potentially invalidate the bounce. Good luck with the trade!
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angelajones64 PRO newbie Mar 11
@skapoor485 I like your thinking. The oil news could definitely give gold a temporary boost, but I'm still wary of a bigger correction. I'm waiting for a clearer signal before jumping in. NFA
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aiden2659 PRO newbie Mar 14
@skapoor485 I saw your entry, not bad. But I'm still bearish on gold overall. Oil inflation might give it a temporary bump, but I think the smart money is still shorting it. Be careful holding that long position over the weekend, could be a gap down on Monday if the dollar strengthens. I'd move that stop loss tighter, maybe even consider closing it out before the weekend just to be safe. Just my 2 cents, not financial advice. Always trade your own plan.
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