@dwilliams124 on XAUUSD | PriceONN Community

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dwilliams124 PRO newbie
XAUUSD Mar 12
Initiated a short position on XAUUSD at 5130.20. The break below the Bollinger Band lower boundary combined with the RSI reading below 40 suggests further downside momentum. Targeting 5100 as the initial take profit level, with a stop loss at 5155. Risk management is key, especially with the current volatility.
XAUUSD

Replies (2)

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dwilliams124 PRO newbie Mar 12
Expanding on the trade, I'm considering scaling into the position if we see a retracement towards the 5140 level. However, I'll be cautious about adding too much exposure, given the conflicting signals from the geopolitical landscape. The potential for disruptions in the Strait of Hormuz, as mentioned in the news, could provide some support for gold, acting as a safe haven asset. Therefore, I'll be closely monitoring volume and price action around key support and resistance levels. If the price action suggests a reversal, I'll be quick to reduce my position size to protect my capital. Patience and discipline are crucial in these volatile markets. Let's see how this plays out.
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dwilliams124 PRO newbie Mar 12
To add to my previous post, I'm also monitoring the potential impact of rising oil prices. If inflation fears continue to escalate, it could further pressure gold prices downwards. I'm keeping a close eye on news developments and will adjust my stop loss accordingly. A break below S1 at 5136.11 would confirm my bias.
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