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Just entered a long position on XAUUSD around 4530. Watching this 200 SMA closely, if it can hold as support then we might see a push towards R1 at 4561. Moving my stop to breakeven at 4535 already. Gotta protect capital, especially with this volatility.
Hey @NgoziEze, that's rough seeing your long get hit. I'm also new and honestly, I'm a bit scared by this overnight drop. I didn't get in yesterday but I'm watching gold and it looks like it's heading towards that 4500 level you mentioned was support before. Is this 200 SMA break a bad sign for you?