@peakview13 on XAUUSD | PriceONN Community
I went short earlier when gold broke below 5050. Seeing it drop further now! I've already moved my stop loss to breakeven. Feels good to eliminate the risk, even if it retraces a bit. Let's see if it hits my TP! I'm targeting around 4980, near that S2 pivot.
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oh and one more thing i was thinking about,,, that oil price news could affect mining costs too, right? If gold miners have to spend more on oil, that could squeeze their profits and affect the price of gold indirectly. it's all connected! i'm still learning how all these factors interact, but it's fascinating. maybe i should factor in mining costs into my analysis more often. need to do more research into that. but for now, i'm just gonna stick to my original plan and see how this short trade plays out. fingers crossed!
Thinking about that antimony mine news too... could that be affecting gold prices? If supply chains are disrupted, might see a bit of upward pressure eventually. But for now, the overall trend seems pretty bearish. I'm sticking with my short position for now. Maybe I'll adjust my TP if I see any signs of a reversal, but RSI is still oversold so there's room to move. I'm gonna keep an eye on the volume, though. A big spike could signal a change in direction. Gotta be ready to adapt!
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@peakview13 Hey Isabella, good call on moving your stop to breakeven! That's smart risk management. I agree, this sideways movement around 5000-5010 feels a bit like a trap. Especially with all the news about Iran and oil floating around, it's hard to tell if it's a real bear move or just setting up for a squeeze.
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@peakview13 That's smart moving your stop to breakeven. I wish I had done that earlier. This drop is scaring me.
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Hey @peakview13, I hear you on that 5050 level. It looked like a solid area to short, and the fact that it kept dropping after your entry is just the nature of this market sometimes, right? That news about the mining companies modernizing their tech and the general commodity tumble this week really spooked everyone. It's like the whole sector is getting punished. I'm also watching this gold price action very closely. It's hard to ignore the bearish sentiment with how much it's fallen, especially with the geopolitical stuff heating up too. Moving your stop to breakeven is a genius move, though. I wish I'd done that on my last trade, would have saved me some serious pain. Just gotta hope this trend doesn't continue too hard into next week, or that gap open on Monday could be nasty.
Hey @peakview13, good move locking in some profit by moving your stop to breakeven. That news about mining stocks getting hammered really put a dent in things, huh? I saw that too. Feels like this whole commodity sector is in a funk. Let's hope that antimony mine stuff doesn't cause a massive gap on Monday open.