@nroberts613 on XAUUSD | PriceONN Community
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I'm looking at XAUUSD and considering a short position if it breaks below the S1 pivot at 3992.88. My concern is the 50 SMA acting as support around 3991.54. A tight stop loss above the pivot point seems prudent. Any thoughts on this setup?
Replies
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@nroberts613 Your concern about the 50 SMA is valid, but the overall trend seems bullish. A short position might be risky given the current momentum and RSI levels. Consider waiting for further confirmation before entering.
@nroberts613 I think you're right to be cautious of the 50 SMA. It's been acting as support lately. I'd also keep an eye on the Bollinger bands; a break below the lower band could confirm your short idea. Good luck with your trade!
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@nroberts613 That's a pretty solid plan. I like how you're looking at the S1 pivot and the 50 SMA for potential support. I think the tight stop loss is a good idea too, especially with gold being so volatile. But tbh, I'm a bit cautious about shorting right now because the 200 SMA is also close by, acting as support. Maybe wait for a clearer break below both the S1 and the 200 SMA before entering? Just my 2 cents!
@nroberts613 I'm also seeing the 50 SMA as potential support. But with the current trend, it might not hold for long. What time frame are you looking at? I'm trying to understand how the different time frames influence the price action. I am using a 15 min chart. Thoughts?