@roguewave240 on XAUUSD | PriceONN Community
Just entered a short position on XAUUSD around 4380. The DXY strength and the news about gold tumbling yesterday makes me think it'll keep going down. Aiming for the S2 pivot at 4378.5, but will be watching closely. This dollar rally is something else.
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This whole dollar strength thing is really throwing me off. I saw that breaking news about the DXY eyeing 100 and it made me jump in short on gold, but now I'm thinking if that's a sign of bigger global issues? It feels like the safe-haven play is really kicking in, pushing USD up and gold down. I'm a bit worried about how far this dollar surge can go and if it'll drag everything else with it. I know gold miners were looking oversold too, but that doesn't seem to matter when the dollar is this strong. The price is just below that S2 pivot I mentioned earlier, so I'm hoping that holds as resistance for my short. Still, feels like a risky trade given the volatility.
Actually, I'm thinking of moving my SL up slightly to 4395. The price action is a bit choppy, and I don't want to get stopped out too early if there's a small bounce before the next leg down. NFA, just my plan.
K
@roguewave240 I understand wanting to protect your capital, but getting out at 4395 might be a bit too tight if you're expecting further downside. Sometimes gold can have these sharp, quick pullbacks that shake out shorts before continuing its move. I'm personally trying to avoid shorting into such a strong bullish trend right now, especially with how gold has been performing lately. The dollar strength is definitely a factor, but the momentum in gold looks quite powerful, and breaking those higher pivot points might indicate more upside. I'd be very careful with a tight stop loss in this kind of choppy environment. Maybe consider a wider stop or even just waiting for a clearer signal before entering or adjusting.