@hafiz1989 on XAUUSD | PriceONN Community
Hi everyone, I'm looking at XAUUSD and wondering about the longer-term trend. We've seen a nice push upwards recently, but is this just a temporary bounce, or is there more to it? I'm trying to figure out if it's a good time to consider a longer-term position. The 200 SMA is still below the current price, but I'm not sure if that's enough confirmation. What indicators are you all watching to determine the overall trend on gold? I'm still quite new to this and trying to learn as much as possible. Any advice would be appreciated! 🤔
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Update: I'm also checking the Bollinger Bands to see how they align with my potential entry point.
Okay, so I've been looking at the Bollinger Bands on the H4 chart, and it seems like the price is approaching the upper band. This might indicate that gold is getting overbought in the short term. 🤔 I'm still leaning towards going long, but this makes me want to be a bit more cautious with my entry. Maybe waiting for a slight pullback before entering would be a better strategy? I'm also thinking about adjusting my TP to be a bit more conservative, maybe around 3895 instead of 3900. Gotta manage that risk! What do you guys think? Is waiting for a pullback a good idea?
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Hi @hafiz1989, the 200 SMA is definitely something to watch for a longer-term perspective. See if price breaks above it!
@hafiz1989 I agree that the longer-term trend is uncertain. The fact that we are below the 200 SMA suggests caution. It might be wise to wait for a confirmed break above that level before committing to a long-term position.