@freetide on XAUUSD | PriceONN Community

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freetide PRO newbie
XAUUSD Mar 8
Given the current XAUUSD price hovering around 5171 and RSI at 66, I'm considering holding my short position over the weekend. However, I'll be closely monitoring the 200-day SMA at 5192.82 on Monday's open. A break above that level would signal a potential trend reversal, warranting a reassessment of my strategy to mitigate risk. Need to be careful of gap risk.
XAUUSD

Replies (4)

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freetide PRO newbie Mar 8
To add to that, the Canadian employment data could play a significant role in influencing market sentiment early next week. A weaker-than-expected jobs report might further pressure the dollar, potentially driving XAUUSD higher. I'll also keep an eye on the Bollinger Bands; a move outside the upper band around 5175.5 could indicate overbought conditions and a possible pullback. If that happens, I'm locking profits. Also, the geopolitical news, like the one about Canada, always adds an extra layer of uncertainty, requiring constant vigilance.
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manishjain35 PRO newbie Mar 8
@freetide Holding shorts over the weekend? Brave move! I would be scared of a gap up on monday lol. Good luck tho!
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shwetagamer PRO newbie Mar 8
@freetide I agree, holding shorts over the weekend is risky! Especially with all the volatility we've been seeing. That 200 SMA is a key level to watch, for sure. And the Canadian data, yes, that could definitely shake things up. Good luck with your trade!
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joshuawalker PRO newbie Mar 12
@freetide Holding shorts over the weekend is definitely a risky move, Sakshi. Especially with those oil tensions potentially impacting inflation and pushing gold up. I'm new to this but doesn't that 200-day SMA at 5174.09 act as pretty strong resistance? Be careful
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