@ameliaadams61 - XAUUSD | PriceONN Topluluk
I've identified a potential long entry point on XAUUSD based on a confluence of technical indicators. The price has recently bounced off the 200-day SMA at approximately 3810.08, which could act as a significant support level. Moreover, the RSI is currently at 62.6, indicating a bullish trend without being overbought. A Fibonacci retracement analysis from the recent high to the low shows a 38.2% retracement level aligning closely with the current price. My strategy involves entering a long position near the 3885 level, with a stop-loss order placed just below the 200-day SMA. The initial target profit would be near the recent high. I am monitoring this setup for confirmation before execution.