@amelia2174 on XAUUSD | PriceONN Community
Considering the current XAUUSD price of 5171 and the neutral trend, I'm reviewing my positions over the weekend. The weekly close wasn't particularly decisive, but the RSI suggests potential for further upside. However, the looming economic data releases introduce uncertainty. I'm inclined to tighten my stop-loss orders on any existing long positions to just below S1 at 5152.68, providing some buffer against potential volatility. I'll also be monitoring the impact of the Canadian economic news as that could indirectly influence gold's trajectory. Prudent risk management is key in the face of these crosscurrents.
Replies
@amelia2174 I agree, the weekly close wasn't very convincing. I'm also keeping an eye on the RSI, but I'm a bit concerned about the 200 SMA acting as resistance. Might wait for a clear break before considering any long positions.
A
@amelia2174 Your point about the economic data is well-taken. I agree that the RSI suggests upside potential, but the 200 SMA resistance is a concern. I'm also factoring in the Canadian economic shift as a potential catalyst for dollar weakness, which could further support XAUUSD. Will be interesting to see how it plays out next week.
D
@amelia2174 I agree with you, the economic data is definitely something to watch out for! It could easily shake things up with gold. I'm still learning but those things make me nervous!