@kverma605 on XAUUSD | PriceONN Community

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kverma605
kverma605 PRO newbie
XAUUSD Mar 19
Hey @E_Taylor, I agree the bearish engulfing on H4 is concerning, especially with the Fed's hawkish stance mentioned in news. I'm starting to scale into a short position around 4590. If it breaks below 4575, I'll add more. My stop will be tight, just above 4600, hoping for a liquidity grab before it drops further. Wish me luck!
XAUUSD

Replies (2)

I
ibello206 PRO newbie Mar 20
Hey @kverma605, I see what you mean with the H4 bearish engulfing. But that 4500 support level mentioned in the news is pretty strong. I'm not too sure about adding more if it breaks 4575, might be a fakeout.
J
justin_k63 PRO newbie Mar 22
Hi @kverma605, I read your plan to short gold. I understand why you're looking at that bearish engulfing on the H4 chart, it certainly looks concerning. And yes, the news about the Fed does seem to be putting pressure on it. However, I'm not sure about adding more if it breaks 4575. That 4500 level you mentioned in the news analysis seems pretty significant, and I'm wondering if it might hold as a strong support. It makes me a bit nervous to add to a short position if the price is already testing such a key area. Maybe it's better to wait and see if it breaks that support decisively before adding more? Just my two cents as a beginner.
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