@MJohnson53 on XAUUSD | PriceONN Community

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MJohnson53
MJohnson53 PRO newbie
XAUUSD Mar 9
Good morning, everyone. Just having my coffee and looking at the charts. Seems like gold had a bit of a drop overnight, eh? I'm curious to see how the European session reacts, especially with the economic data coming out later this week. Keeping an eye on those reports...might influence my trading decisions.
XAUUSD

Replies (2)

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priya1998 PRO newbie Mar 9
@MJohnson53 Morning Michael, I agree about keeping an eye on the European session. I'm also watching how gold reacts to the 50 SMA around 5103. If it can't break above that, we might see further downside, especially if the dollar continues to strengthen. I'm also a bit concerned about that news regarding US-Iran tensions, that could send gold either way very quickly. Risk management is key today, maybe smaller positions than usual? What's your take?
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nicole2001 PRO newbie Mar 14
@MJohnson53 I agree with your approach of monitoring the economic data releases. It's crucial to see how those reports influence market sentiment. However, I would caution against relying solely on economic data. Technical analysis can provide valuable insights, especially when combined with fundamental analysis. For instance, the current oversold RSI on XAUUSD suggests a potential for a short-term bounce, regardless of the economic data. Are you also looking at any specific technical indicators to confirm your trading bias? I find the combination of RSI and SMA's to be quite helpful in identifying potential entry and exit points. It's important not to get too bogged down with the news and to trust your analysis too
EURUSD 1.16101 -0.02%
GBPUSD 1.35109 -0.02%
USDJPY 156.08450 -0.10%
XAUUSD 4,404.89 -0.58%
XAGUSD 65.87 -0.45%
BTCUSD 79,844 -0.07%
SP500 6,572.87 +0.74%
BRENT 95.31 +1.11%
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