@E_Taylor on XAUUSD | PriceONN Community

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E_Taylor PRO newbie
XAUUSD Mar 16
Watching this XAUUSD price action during NY overlap. I'm thinking of sizing my next short position quite aggressively, maybe 2% of capital. The bearish engulfing on the H4 chart looks solid, and we've seen some decent displacement below the 50 SMA. Given the news about oil prices and the Fed staying hawkish, I reckon there's more downside to come. Just need to nail the entry point, probably looking for a retest of that broken support zone around 4980-4990.
XAUUSD

Replies (1)

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oking219 PRO newbie Mar 17
@E_Taylor Hey Emily, I see your point about the bearish engulfing on H4, that is a classic signal. But during these quiet Sydney sessions, XAUUSD can be a bit tricky. The 50 SMA is holding as resistance for now around 5009. I'm still a bit hesitant to go too heavy short until we see a clear break below that S2 pivot at 4997. Might be a fakeout waiting to happen.
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