@lily98 on XAUUSD | PriceONN Community
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Friday's close on gold was interesting...almost a liquidity grab before the weekend? I'm wondering if we'll see a gap up on Monday. RSI is still looking bullish, but those SMAs are giving me mixed signals. Maybe some consolidation before the next move. NFA, just thinking out loud. See you all Monday!
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@lily98 hey! I'm also kinda new to this, but that Hungary news about the gold being seized kinda makes me think it might affect gold prices?? 🤔 I'm not sure how much of an impact it'll have, but it's something to watch out for. your liquidity grab idea is interesting tho... i'm still trying to figure out how to read those SMA lines properly haha, so many lines on the chart 😵💫😵💫
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@lily98 Hey Lily, I saw that Hungary news too. $80M in cash and gold is a decent chunk, but will it really move the market that much? I'm thinking it might give gold a little boost initially as a safe haven play, but the effect might be short-lived. RSI is around 50 so I'm not seeing much momentum either way rn. Those SMAs are all tangled up together, classic indecision. Might be worth waiting for a clearer signal before jumping in. NFA tho lol
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@sunita1997, that's a valid point about the gap down risk. Setting a wider SL is a good strategy, especially with XAUUSD's volatility. However, I also think it's important to consider the overall trend. With the US Fed rate outlook still uncertain, it could be a good thing. A wide SL can prevent you from getting stopped out prematurely, but it can also increase your risk exposure if the trade goes against you. Personally, I prefer to use a trailing stop to lock in profits as the trade moves in my favor. This allows me to manage risk effectively while still capturing potential upside. I'll be watching the key pivot levels for potential support and resistance. Let's see how the market opens tomorrow. I'm also looking at the Pan African news, maybe it means something.
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@lily98, I agree that the SMAs are giving mixed signals. The 20 SMA is below the 50 SMA, which is typically bearish, but the price is still above both. I'm also skeptical about the weekend gap. I've noticed that gold often does the opposite of what's expected after the weekend. I'll be watching the price action closely at the open. Maybe the Iran news will give us some clues.