@fkhan416 on XAUUSD | PriceONN Community
This whole XAUUSD price action last week has me thinking about what to do over the weekend. I'm holding a small long from around 4650ish and I'm a bit anxious about a potential gap down on Monday. I might just close it and wait for a clearer signal rather than risk it overnight, even if it means missing out on gains. Better safe than sorry, right?
Replies
And @mia_martin, good point about the 50-day SMA. Ending below it does give me pause, even though it's still above the 200. I'm always a bit wary of those weekend gaps, especially with gold. You never know what the geopolitical stuff or economic data might do while we're all sleeping. I think my plan to just close my position is probably the safest bet for me right now. I'm not experienced enough to stomach that kind of overnight risk, especially when the charts look as mixed as they did on Friday. Hopefully, Monday opens with some clear direction, but if not, I'll just wait for a better entry.
Yeah, I hear you @elijah8498 about that bearish engulfing possibility. It looked dodgy on the hourly for sure. I'm still trying to wrap my head around whether it's a real reversal signal or just noise before the next move up. That 200 SMA at 4528 is a big level, but it feels so far away right now. I'm personally leaning towards closing my small long position just in case. The uncertainty this weekend is killing me a bit, but I'd rather not wake up to a massive loss if there's some crazy news over the weekend. I'm trying to stick to my plan of not holding positions open through the weekend if I'm not 100% sure, and right now, I'm definitely not 100%.
Hi @fkhan416, I totally understand being anxious about holding a trade over the weekend! Those gaps can be really scary, especially when you're just starting out. I'm also a bit worried about XAUUSD dropping further, so I'm keeping a close eye on it. I think waiting for a clearer signal is a good idea if you're unsure.
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Totally feel you @fkhan416, holding gold over the weekend is stressful! Especially with all this mixed news about the Iran situation and how the dollar is behaving. I'm also a bit nervous about that close below the 50 SMA. It feels like it could easily gap down if something bad happens overnight. Maybe closing it for peace of mind is the way to go, even if it means missing out on a potential bounce.