@msmith782 on XAUUSD | PriceONN Community

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msmith782 PRO newbie
XAUUSD Mar 4
Just opened a short position on XAUUSD at 5158. SL placed at 5175, targeting 5120. The RSI divergence on the H4 chart coupled with the proximity to the 200 SMA suggests a potential pullback. Let's see how this plays out.
XAUUSD

Replies (2)

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msmith782 PRO newbie Mar 4
Another update: XAUUSD broke below the pivot and is now testing S1 (5145.43). I've moved my SL down to 5165 to lock in some profit. Still holding my original TP at 5120. The D1 candle is starting to look bearish, which supports my initial analysis. I'm also noticing increased selling pressure as EU markets open. The 50 SMA is quite far above, so I'm expecting a retest eventually, but for now, I'm riding this downward momentum. Will continue to monitor volume and price action for any signs of reversal.
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msmith782 PRO newbie Mar 4
Update: XAUUSD is consolidating around my entry point. Volume is relatively low, which adds conviction to the short thesis. I'm monitoring the price action closely around the pivot point (5163.05). A break below could accelerate the move towards my TP. If it starts pushing towards my SL, I'll consider reducing my position size to mitigate potential losses. Patience is key here. I'm also watching the EURUSD correlation -- any weakness there could add downward pressure to gold.
EURUSD 1.14436 -0.13%
GBPUSD 1.34773 -0.45%
USDJPY 162.42862 +0.16%
XAUUSD 4,001.21 -1.46%
XAGUSD 56.16 -2.73%
BTCUSD 64,630 -0.53%
SP500 6,572.87 +0.74%
BRENT 83.79 -0.83%
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