Gold price dropped hard today to $4137. Many traders in Nigeria panicked.
I have been watching XAUUSD for 3 months on TradingView. In my last YouTube video I got 306 views talking about gold. Here's my honest update.
Why gold crashed:
1. US Dollar became strong today
2. People taking profit after gold hit almost $4400
3. No new war news, so safe haven demand dropped
Is this time to buy?
For me, yes but small small. I don't buy all at once. I wait for $4120 - $4100 zone. If it holds there, I will buy small lot with tight stop loss. If it breaks $4100, I wait for $3980.
What I learned as small trader:
Don't trade with emotion. Gold can drop $50 in 5 minutes and blow your account. Use small lot size, 0.01. And always have stop loss.
For Nigerians trading with $10-$50: Don't use high leverage. 1:100 is enough. Focus on one pair like gold and master it.
My plan for this week:
I will not sell. I will wait for buy confirmation at $4100. I will post update on my YouTube channel daily at 7:30pm.
This is not financial advice. Just what I am doing with my own small account. Do your own research.
How I manage risk in Abuja:
I trade with MTN data and light, so I avoid trading during high news like NFP. I always set stop loss 15 dollars away and take profit 30 dollars away. That is 1 to 2 risk reward. Even if I lose 2 times and win 1 time, I still make small profit. I also withdraw any profit to my Moniepoint immediately, I don't leave big money in broker. Small profit daily is better than one big loss.
If you are new, start with demo account for 2 weeks. Watch gold on 15min timeframe. Don't jump into market because you see green candle.
What do you think? Will gold go back to $4300 or drop to $3900? Comment below.
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