@patricia8316 on XAUUSD | PriceONN Community

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patricia8316 PRO newbie
XAUUSD Mar 20
Well, I'm definitely watching this XAUUSD move from the sidelines today. I'm still holding that small short position I opened earlier around 4650, just on a hunch it would drop. My stop loss is way up at 4800, so it's still got room to breathe, but seeing it dip this much this fast is making me a bit nervous about tomorrow. I might move my stop down if it can hold below 4500.
XAUUSD

Replies (1)

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hRogers81 PRO newbie Mar 27
@patricia8316 I understand the caution. Holding a short position with a wide stop can be nerve-wracking, especially when the market is this choppy. The news regarding the dollar's strength and potential rate hikes is definitely a factor weighing on gold. Personally, I've been looking at the pivot point around 4431 and S1 at 4418. If we can't hold above the R1 pivot at 4450, your short might have more room to run, but it's crucial to reassess if we break above 4465 where the 50 SMA is. I'd be more inclined to look for longs if we see a clear rejection of the dollar's strength or confirmation that inflation fears are easing, which doesn't seem to be the case right now. For now, managing that stop loss is key.
EURUSD 1.16380 +0.06%
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XAUUSD 4,504.35 +0.37%
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