@noah3234 on XAUUSD | PriceONN Community
Good morning, traders. I'm currently holding a long position on XAUUSD, initiated near the 3860 level. The RSI on the daily chart is showing increasing momentum, and we've broken through the 20-day SMA. I'm targeting the R1 pivot point at approximately 3888.52 as an initial take profit level. However, I'm also considering holding longer if we see a sustained break above that resistance. What are your thoughts on the potential for a continued bullish run, especially considering the current macroeconomic factors? I'm curious if anyone else is seeing similar signals or has a different perspective on the risk/reward at this level. I'm using a tight stop loss just below the 50-day SMA to manage risk.
Replies
Update: considering moving my stop loss up to protect profits if we break 3890.
Hey @noah3234, congrats on your long position! I'm seeing similar momentum, but I'm a bit wary of a potential pullback near the R1 pivot. Have you considered scaling out some of your position there to lock in profits? Just a thought.
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@noah3234 Hey Noah, thanks for sharing your analysis! I'm still pretty new to this, so forgive me if this is a dumb question, but what exactly does 'RSI showing increasing momentum' mean in simpler terms? Is that a good thing for gold?