@emily3523 on XAUUSD | PriceONN Community
Well, gold closed the week around 5171. Not bad considering all the ups and downs we've seen. Wonder if that 200 SMA at 5192 will act as resistance next week. I'm just hoping we don't see a big gap down on Monday morning, that's always a worry over the weekend. Going to keep an eye on the news.
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Update: Also wanted to add, with the Canadian economy looking shaky, could see some safe haven buying pushing gold up. But then again, that Trump tariff news might cause more uncertainty overall... it's all a bit up in the air, innit? Need to see how the smart money positions itself.
@emily3523 Yeah, that gap down worry is always there! Especially after a volatile week like this. I usually set a wider SL just in case.
M
@emily3523 That gap down worry is real, Emily! Especially with all the geopolitical stuff happening! I've started using options to hedge against weekend risk. Buying a cheap put option slightly below the current price gives me some downside protection in case of a surprise gap. It eats into potential profits slightly, but it's worth it for the peace of mind. Also, keep an eye on the DXY - a weaker dollar could definitely give gold a boost, regardless of the news. Have you considered adding the Dollar Index to your watchlist?