Thinking about Monday's open. The news about Iran makes me think gold could gap up significantly. I'm considering a small long position at open, but will be watching the RSI closely. If it stays overbought, I'll take profit quickly. Need to be careful though, could be a fakeout.
Update: I'm also looking at the 5300 level as potential resistance. If gold breaks through that, it could run higher. But if it fails, I'll be looking to short. The key will be how strong the initial reaction to the news is. Keeping my stops tight either way.
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novapoint200PROnewbieMar 3
Hello @GraceBell, the news about Iran is certainly concerning. I am also a bit nervous about the potential for a gap up on Monday. I am wondering, how much of your portfolio are you allocating to this trade, given the high risk? I think I will wait and see what happens before entering a position. Thank you for sharing your thoughts!