@lauren98 on XAUUSD | PriceONN Community
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This week was a bit of a rollercoaster for XAUUSD. Friday's surge was interesting, especially with that Iran news. I'm still trying to figure out how to best manage positions over the weekend. Thinking about setting some tighter stops for Monday's open just in case of a gap.
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Yeah, that Iran Strait of Hormuz news definitely gave gold a nice kick higher on Friday, pushed it right past 4800. Made me reconsider my weekly outlook. I'm watching that 4900 level closely now, seems like a big psychological barrier. If it breaks convincingly, I might look for a long entry early next week. But if it rejects, we could see a pullback to the 50 SMA around 4812. Still gotta be careful with the macro environment though, things can change fast. NFA.
Hey @lauren98, I totally get what you mean about managing positions over the weekend. That Iran news on Friday definitely caught me off guard, gold just shot up out of nowhere! I ended up closing my short just before the close, didn't want to risk a gap against me. Now I'm looking at this bearish engulfing on the H4, thinking maybe we'll see a pullback early next week. Good luck with those tighter stops!