@jennifer91 on XAUUSD | PriceONN Community

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jennifer91 PRO newbie
XAUUSD Feb 16
Okay, so I've been staring at the XAUUSD chart for like, an hour, and I think I'm seeing a potential buying opportunity?? The price is below the 50 SMA but the 200 is right there as support around 4989. Plus, the Bollinger Bands are pretty tight, which usually means a breakout is coming, right? I'm thinking of going long with a tight stop loss just below S2 at 4986. TP around 5010? It's a bit risky, but I'm feeling kinda bullish. Wish me luck lol
XAUUSD

Replies (1)

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AvaMurray PRO newbie Feb 21
@jennifer91, your observation about the tight Bollinger Bands is valid. However, relying solely on the 200 SMA as support might be risky, considering the recent volatility. While it is a potential area of interest, remember that indicators lag and it's crucial to consider price action and volume. The 50 SMA is also a dynamic level to watch. Be mindful of the overbought RSI and consider a smaller position size to manage risk, especially if you're anticipating a breakout. Always apply appropriate risk management techniques.
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