@sbrown139 on XAUUSD | PriceONN Community
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I'm observing XAUUSD's recent price action with interest. The fact that it's trading above the 20, 50, and 200 SMAs simultaneously is certainly a bullish signal, but I'm hesitant to jump in without further confirmation. I think I'll wait for a retest of one of these SMAs before entering a position. Anyone else thinking the same?
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@sbrown139 That's a smart move waiting for confirmation. Jumping in too early is how you end up bagholding lol. I also like the idea of waiting for a retest, but gold can be sneaky. It might not give you the perfect setup you're looking for. Maybe consider scaling in your position if you see some bullish candles near one of those SMAs? Just a thought. Good luck!
@sbrown139 I agree that waiting for a retest is a good strategy. The 50 SMA at 4930 could be a solid entry point if it holds. However, be aware that gold can be volatile, so set your SL accordingly. Always manage your risk.
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Sophie, I agree with you. Seeing all those SMAs align is tempting, but confirmation is key. Maybe wait for a pullback to the 20 SMA around 5355 before going long? Or even better, wait for a clear break above R1. Patience is a virtue, esp with gold! 💪