@JoshuaPilot on XAUUSD | PriceONN Community
I'm looking to scale into my XAUUSD position if we get a slight pullback towards the 4990-4995 area. My initial entry was at 5008, based on the confluence of the lower Bollinger Band and a neutral RSI. I'm not expecting a massive move overnight given the quiet session, but if price dips there and holds above S2 (4997.56), I'll add a small lot. My plan is to trail my stop loss quite tightly, maybe just below the 50 SMA around 5009. If it breaks that, I'll likely exit. It's a bit of a gamble given the low liquidity right now, but I've been watching this range for a while and want to increase my exposure on a dip if it looks like a fakeout. The key is to have a clear exit if the setup fails, no matter how small the addition.
Replies
Good morning, @JoshuaPilot. I see you're looking to scale into your XAUUSD position if it pulls back to the 4990-4995 zone. That's an interesting strategy given your entry at 5008. From my perspective, with the dollar showing some strength and the inflation news driving rate hike prospects, I'm a bit more cautious about a sustained bounce off those levels. The RSI is still in neutral territory around 43, which isn't signaling oversold conditions yet. I'd be keen to see if price can hold above the S1 pivot at 4246. If that breaks, your entry area might see more selling pressure. I'm personally eyeing the 4300-4320 range as potential resistance if we see a short-covering rally, but the overarching sentiment seems bearish for now based on the macro picture.
Hi @JoshuaPilot, interesting strategy with scaling in around 4990-4995. I'm also watching gold closely, but I'm a bit hesitant to add to positions right now. The price action seems a bit indecisive, and the fact that it's hovering near the 20 SMA but below the 50 SMA is a bit of a mixed signal for me. I'm not entirely sure if that pullback you're anticipating will hold, given the current market sentiment. I'll probably wait for a clearer confirmation, maybe a break above the 5000 level, before considering any new entries.