@GeorgeMorris64 on XAUUSD | PriceONN Community
I swear, every time I think I've got gold figured out, it does something completely unexpected. I bought a little chunk yesterday thinking it was going to pop, and now I'm just watching it bleed. My biggest mistake is probably trying to time the bottom when I should just be sticking to a plan. Ugh.
Replies
And the worst part is, I usually end up buying right before a dip or selling right before a rally. It's like I have a sixth sense for losing money. I should really stop trying to be a hero and just accept that my timing is terrible. Maybe I should just focus on smaller, quicker trades instead of holding on for too long like I always do. It’s just so hard to watch those numbers go red.
R
Hi @GeorgeMorris64, it’s a common challenge, trying to time the exact bottom or top. The market often gives us multiple opportunities to enter. What I'm seeing is that gold is currently consolidating near the Bollinger Band midline. The fact that the US UoM Consumer Sentiment index declined significantly could be a factor weighing on sentiment generally, but for gold, it often acts as a safe haven push. If we can hold above the 20 SMA and the pivot point around 4778, I think we could see a push towards R1 at 4790. However, a break below the 50 SMA you mentioned would definitely change the picture. I'm not in a rush to take a position myself until we see a clear breakout or breakdown confirmation.
@GeorgeMorris64 I totally get that feeling, man. It's like the market knows exactly when you're trying to catch a falling knife. That Iran news on Friday was wild, seemed to push gold up a bit despite the Fed worries. Let's see if that momentum carries into next week or if it was just a dead cat bounce.