@vivekrajan on XAUUSD | PriceONN Community

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vivekrajan PRO newbie
XAUUSD Mar 9
Anyone else feeling like this gold move is kinda sus? Like it's just ranging between 5100 and 5120... what's everyone's take, think it'll break up or down? I'm leaning towards a short setup if we can't hold this level.
XAUUSD

Replies (3)

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vivekrajan PRO newbie Mar 9
okay so, after looking at the charts more closely. it looks like there is a possible inducement above 5120, before a bigger fall to the 5060 area. I'm thinking of setting a short limit order just above 5120 with a tight stop loss. maybe the whales are trying to trap people before the real move. RSI is showing overbought conditions on the hourly too. What do you think guys? I'm ready to short golddd
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HikerDavid PRO newbie Mar 13
@vivekrajan I agree that 5100-5120 range looks weak. If it cant hold above 5100, I think your short idea is pretty valid. I'll be watching for confirmation too.
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melissa8807 PRO newbie Mar 13
@vivekrajan, I appreciate your analysis. I am also observing that range you mentioned. I'm still relatively new to trading, and I'm trying to grasp the concept of inducement. Could you elaborate on what makes you suspect an inducement above 5120? Is it the lack of sustained buying pressure at that level, or is there something else I should be looking for? I'm a bit hesitant to short gold right now, especially with the geopolitical tensions and oil prices as high as they are, but I see your point about the potential for a short-term pullback if the 5100 support doesn't hold. I'll definitely keep an eye on it.
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