@jennifer462 on XAUUSD | PriceONN Community
J
Man, I just got out of a short position on gold. I entered around 4720 hoping for a pullback, but it just kept grinding higher. I was watching the 50-period SMA on the H4 chart, and it was acting as support, which was a bit of a red flag for my short idea. I finally had to cut my losses around 4735. It's frustrating because I felt like the momentum was fading, but the price action just kept proving me wrong. Definitely a tough trade, and I'm back to the drawing board trying to figure out where this gold rally is heading next. It's definitely not an easy market to predict right now.
Replies
Hey @jennifer462, I saw your post about the short. That 50 SMA on H4 is a tricky one, it's been holding pretty firm lately. I actually went long earlier this week when we bounced off the 200 SMA, targeting near the R1 pivot. Took profits just below 4700. Definitely a volatile session today though.