@olufemi7663 on XAUUSD | PriceONN Community

Hey @olufemi7663, I see your concern about that level. 4809 is a spot where price has struggled before, and setting a stop below 4770 does expose you to some risk if the market decides to sweep those longs. Given the choppy action we saw last week, it's not surprising you're feeling anxious. However, with the news from Iran about the Strait of Hormuz reopening, there's definitely upward pressure building. This could push gold higher on Monday, potentially breaking through 4850 and heading towards that 4900 level mentioned in the news. Personally, I'd be looking for confirmation above 4830-4840 at the open. If it holds, your stop might be a bit too wide, but if it breaks 4770 decisively, that would signal a trend reversal anyway. Keep an eye on the initial hour Monday, that's usually telling.