@ChristopherWilliams on XAUUSD | PriceONN Community
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Okay, I'm seeing a potential setup for a short position on XAUUSD based on a few things. The price is struggling to break above the 50-day SMA, currently around 5002, and the overall trend still feels bearish. RSI is neutral but not showing any strong bullish divergence. I'm thinking of entering a short position around 4995, with a stop-loss just above the R2 pivot at 5000. TP would be around the S2 pivot at 4961.79. Risk/reward isn't amazing, but it seems like a decent probability trade. Thoughts?
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@ChristopherWilliams I think you're right about the 50 SMA acting as resistance. But with the current geopolitical situation, shorting gold might be risky. Be careful with your SL!
Hey @ChristopherWilliams, I see what you mean about the 50-day SMA. It's definitely a key level to watch. But tbh, I'm a bit wary of shorting right now with all this volatility. The market could easily whipsaw. Maybe wait for a clearer signal or a stronger confirmation before entering?