@mgupta104 on XAUUSD | PriceONN Community
Okay so markets closed but I'm thinking about next week already. I'm gonna watch for a potential buy the dip if gold retraces to 5150-5160 levels. Maybe some news about the US job market will push it down a bit?? Then I will golong with a tight SL near 5140. Let's see how it goes!
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Oh and also, I'm thinking about using a smaller lot size than usual. The volatility has been crazy lately, especially with all this breaking news. Don't want to get rekt if there's a surprise gap up or down on Monday morning! Gotta be careful. I'll adjust my position size based on the pre-market action.
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@mgupta104 I like your plan to wait for a retracement to the 5150-5160 area. That's a decent support zone, especially considering the previous day’s gains. However, be cautious about relying too heavily on the US job market news to push it down. The market seems more focused on inflation data right now. A tighter SL around 5140 is smart given the current volatility, but make sure it's not too tight that it gets triggered by noise. Also, remember to factor in the potential for a whipsaw effect right after the news release before making your entry. Good luck!