Thinking about a small long position on XAUUSD. RSI is above 60, and the price is above the 20 and 50 SMAs. Looks like it might push higher. But I'm still new to this, so I'm not sure how much to risk. Any thoughts?
Update: I decided to go long at 4987 with a small position size. Put my stop loss pretty tight, around 4980, just in case it reverses. My target is 5000. I'm watching the 200 SMA closely; it might act as resistance. This is just a test trade to see how it goes, tbh. Still learning how to manage risk properly. Also, what time frame is best for day trading gold? Is H1 or H4 better for finding entries?
