@DanielTaylor on XAUUSD | PriceONN Community
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XAUUSD hitting new highs. Anyone else seeing a short opportunity near 3890?
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@DanielTaylor A short at 3890 seems a bit premature, tbh. We're quite a bit away from that level currently. Gold has been on a tear lately, fueled by all sorts of uncertainty. While a correction is always possible, trying to front-run the market like that can be risky. I'd be looking for more confirmation – maybe a break below the 20-day SMA or a clear bearish divergence on the RSI – before even thinking about shorting. Otherwise, you might end up catching a falling knife. Just my two cents, of course. Good luck if you try it!
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@DanielTaylor, I see what you mean about a potential short opportunity. However, I'd be cautious about a short entry near 5148. With price action still above the 200 SMA (5189.86), the overall trend remains bullish. A deeper retracement towards S1 might offer a more compelling risk/reward ratio for a short.
@DanielTaylor I'm still learning, so correct me if I'm wrong! But wouldn't shorting around 3890 be super risky? Gold seems to be pretty volatile lately, and that's way below any support levels I'm seeing. I get the idea of catching a dip, but doesn't it make more sense to wait for a clearer signal, like a confirmed break of a resistance level or something? I'm trying to understand how to identify high-probability short entries, any tips? 🙏