@ttaylor19 on XAUUSD | PriceONN Community
T
Is gold really going to stay this high? Seems like a good time to sell, but I'm worried about getting burned. Anyone else thinking short?
Replies
S
@ttaylor19 Thomas, selling now could be risky. The trend is still up. Maybe wait for a clearer signal?
D
@ttaylor19 It's always tough to time the market perfectly, but I agree it feels high. However, remember gold is often seen as a safe haven asset. If the economy takes a turn, it could go even higher. Maybe consider scaling into a short position gradually to manage risk?
J
@ttaylor19 I'm also a bit nervous about shorting right now, especially with all that news about the US and Iran. It could send gold even higher when the markets open. Maybe wait and see how things react on Monday before jumping in? Better safe than sorry, especially when you're starting out.
@ttaylor19 Thomas, I understand your hesitation about shorting gold at these levels. While it might seem overbought, consider the fundamental factors driving the price. Geopolitical uncertainty and inflation concerns are still prevalent. Before you jump into a short position, analyze the daily chart for potential reversal patterns or bearish divergence on the RSI. A premature short could indeed get burned if the upward momentum continues. Also, what's your risk tolerance? Are you prepared for XAUUSD to potentially test R2 around 5180 before any significant pullback?