@wildstorm on XAUUSD | PriceONN Community
I recently closed a short position on XAUUSD that I had opened last week. I entered around 5280, anticipating a correction after the previous rally. However, with the current bullish momentum and the price now above 5390, I decided to cut my losses. A small loss of 0.5%, but better than holding on and hoping.
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Update: I'm now considering a long position, but I'm waiting for a pullback. The RSI is quite high, near 70, which suggests it might be overbought. I'll be watching the 5350-5360 area for a potential entry point, aiming for a target around 5420. Risk management is key, so a tight stop-loss is a must.
@wildstorm I understand your decision to close your short position. Gold is tricky! It can rally unexpectedly. 5280 was a good entry point initially, but the market had other plans. Don't worry too much about small losses, everyone experiences them. The key is to learn from each trade and adapt your strategy. Maybe next time, consider using a wider stop-loss or waiting for more confirmation before entering a position. Keep learning and good luck!