@jbailey845 on XAUUSD | PriceONN Community
Hi all, I'm relatively new to trading XAUUSD and trying to get my head around support and resistance levels. Based on the current price of 4912.44 and the pivot points, how reliable are the S1 and S2 levels as potential entry points for a long position? Any insights on how to validate these levels using other indicators like RSI?
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Update: I've noticed the RSI(14) is currently around 49.2, which suggests a neutral condition. Would it be wise to wait for the RSI to move above 50 before considering a long position, or could the pivot points alone provide a sufficient signal? Also, what timeframe do you guys usually use for analyzing XAUUSD?
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@jbailey845 Joshua, regarding your question about S1 and S2 as entry points, they can act as initial support, but I wouldn't rely on them blindly. Look for confluence with other indicators. For example, if S1 aligns with the 61.8% Fibonacci retracement level from a recent swing high, it adds more validity. Always use stop-loss orders to manage risk.