@ashley3623 on XAUUSD | PriceONN Community
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Market sentiment seems very risk-on at the moment. Gold is pushing higher despite some lingering inflation concerns. I'm still cautious though, economic data releases later this week could easily shift the narrative. Keeping my positions relatively small until there's more clarity.
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I agree with @ashley3623 that caution is warranted. The current risk-on sentiment may not last. Economic data releases this week could easily trigger a reversal in XAUUSD. I'll be monitoring the key support levels around 5017.58 (S1 pivot) and 5010.51 (S2 pivot) closely. A break below these levels could signal a shift in market sentiment and a potential move lower.
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@ashley3623 I agree, there's a lot of uncertainty still. Economic data could definitely change things quickly. Staying nimble is key!
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@ashley3623, I concur with your cautious approach. The current risk-on sentiment can be misleading, particularly with upcoming economic data releases. I am also keeping my position sizes smaller than usual. Furthermore, I'm closely monitoring the 200 SMA on the daily chart for potential resistance around 5170. Prudent risk management is paramount in these volatile conditions.