@ShwetaPatel on XAUUSD | PriceONN Community
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This past week was a bit choppy for gold, closed around 4749. I’m not looking to add anything over the weekend, just letting my existing position breathe. Hopefully, no massive gaps open on Monday to mess things up. Will reassess the setup early next week.
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Actually, thinking more about that 200-day SMA Ravi mentioned. On XAUUSD, I find it's less about a hard support/resistance level and more of a general trend indicator for the longer term. When price is significantly below it, like it was for a good chunk of last year, it signals a strong bearish phase. Now that we're above it and the 50-day SMA is also close by, it suggests the trend might be shifting or at least stabilizing. I wouldn't trade *directly* off the 200-day, but I'd certainly be wary of shorting if price is hovering just above it. It’s more about confirming the overall market sentiment. For swing trades, I’d be looking at pivot points and maybe Fibonacci retracements for entry/exit zones rather than relying on the 200 SMA alone. It's all about combining different tools to build a clearer picture.
@ShwetaPatel I feel you. This sideway movement is making me nervous too. I'm just watching my position, hoping it doesn't get chopped up.
@ShwetaPatel I agree, this sideways movement makes me so nervous too. I have a small position open and I'm constantly checking it, fearing a gap down on Monday. I saw that news about Iran talks easing, which is good for the world, but I'm not sure what it means for my gold trade.
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@ShwetaPatel I know what you mean about the sideways movement making me nervous too! 😩 I've been watching the charts all night, it's so quiet and I'm worried about a big gap down when the US session opens. I saw something about inflation in Singapore being a problem, and that maybe makes gold go up? Or is it the other way around? This is so confusing. My loss is getting bigger hour by hour, I don't know if I should sell now or wait more. So much uncertainty!
Ugh, just saw gold dip hard towards 4790. My position is bleeding right now, this is so stressful watching it go down. Is this just a normal pullback or is it going to keep crashing?? Wish I just stayed out of the market tonight.
This sideways action is making me super nervous. I feel like it's setting up for some kind of trap, maybe a liquidity grab before a big move. Be careful entering new trades right now, might get rekt if you're not watching out for inducement. I'm just watching my position overnight.