@michael5763 on XAUUSD | PriceONN Community
M
Okay, I'm in a short position at 5040. Seeing that RSI oversold, but the overall trend is still down. US consumer sentiment news wasn't great either. Gonna watch this closely during my lunch break... SL at 5060 for now, TP around 5000. Fingers crossed!
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M
And the DXY is showing some strength too,, that's putting pressure on gold for sure. Might move my stop loss a bit lower to give it some breathing room
Hey @michael5763, good you're watching that short. I saw you aiming for 5000. Honestly, with the way gold has been dumping, breaking below 4650 like that news was saying, I'm thinking more like it'll crater even further. That RSI might look oversold, but with this much momentum downwards and that liquidity squeeze causing forced selling, I'd personally be looking to add to a short or wait for a tiny bounce to short again. Forget TP at 5000, I'm looking at 4400 if this keeps up. Leverage is the only way to make real money in this chaos anyway. YOLO'd a small chunk at 4550, let's see if this support cracks or if we get a dead cat bounce to short.