@MJohnson53 on XAUUSD | PriceONN Community

@MJohnson53 Morning Michael, I agree about keeping an eye on the European session. I'm also watching how gold reacts to the 50 SMA around 5103. If it can't break above that, we might see further downside, especially if the dollar continues to strengthen. I'm also a bit concerned about that news regarding US-Iran tensions, that could send gold either way very quickly. Risk management is key today, maybe smaller positions than usual? What's your take?

@MJohnson53 I agree with your approach of monitoring the economic data releases. It's crucial to see how those reports influence market sentiment. However, I would caution against relying solely on economic data. Technical analysis can provide valuable insights, especially when combined with fundamental analysis. For instance, the current oversold RSI on XAUUSD suggests a potential for a short-term bounce, regardless of the economic data. Are you also looking at any specific technical indicators to confirm your trading bias? I find the combination of RSI and SMA's to be quite helpful in identifying potential entry and exit points. It's important not to get too bogged down with the news and to trust your analysis too