@kevinwilson64 on XAUUSD | PriceONN Community
Alright, just initiated a long position on gold around 4675. Targeting the R1 pivot at 4677.63 initially, with a tight stop just below the P pivot at 4660. Seeing some consolidation here on the H4, feels like a good spot for a quick scalp before London really wakes up.
Replies
So, if that initial R1 target holds, it's a pretty small win, but the main idea is testing the waters. If it pushes through 4677.63, I'll consider moving my stop up to breakeven or even trail it a bit. The volume is still pretty thin though, so I'm not expecting any fireworks. Just want to capture that small move if it presents itself. If we get rejected hard and break 4660, then this trade is off and I'll reassess. Maybe that news about tokenized gold yields is creating some weird, slow arbitrage opportunities in the background, but technically, this short-term bounce seems plausible.
S
@kevinwilson64 Nice scalp attempt there. I agree, R1 at 4677.63 is a logical short-term target. If that level gets taken out with some conviction, I'd look to see if it can hold above the 50 SMA for any sustained move. The R2 pivot at 4692 is the next significant resistance level to watch. Good luck with the trade!