@ashley89 on XAUUSD | PriceONN Community
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Okay, so here's what I'm thinking for a potential XAUUSD short position. The trend is clearly bearish on the D1 chart, confirmed by the SMAs acting as resistance. I'm waiting for a slight pullback towards the 20 SMA around 4982 to enter short. My initial TP will be around 4900, targeting the previous swing low. SL placement would be just above the 50 SMA, giving it some breathing room. Risk-reward ratio looks pretty favorable here! Of course, always manage your risk and adjust accordingly. This is just an idea, not financial advice! Good luck trading!
Replies
@ashley89, interesting perspective on a potential short. However, I disagree with the D1 bearish assessment. The current SMA configuration suggests a possible bullish crossover in the near future, invalidating the resistance you mentioned. Waiting for a pullback might be a missed opportunity, considering the underlying strength. I'd be cautious about shorting gold at these levels, especially with the RSI indicating continued upward pressure. Perhaps re-evaluate your entry point based on the H4 chart?