@michael1997 on XAUUSD | PriceONN Community

Analyzing XAUUSD, a potential long setup is forming. The price has broken above the 20-day SMA and is approaching the R1 pivot point. A pullback to the 5041 level (S1 pivot) could present an ideal entry point, coinciding with a potential retest of the broken SMA. A stop-loss could be placed just below the 5027 (S2 pivot), offering a favorable risk-reward ratio. The initial target would be the R2 pivot at 5073.56, with a secondary target around 5085 if momentum persists. However, it's crucial to monitor upcoming economic data releases, as any unexpected news could trigger volatility and invalidate this setup. This is just an idea, not financial advice.