@abigailallen73 on XAUUSD | PriceONN Community

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abigailallen73 PRO newbie
XAUUSD Dec 3
I'm initiating a long position on XAUUSD based on the confluence of several technical indicators. The current price action is exhibiting a strong bullish bias, confirmed by the RSI(14) at 62.6, indicating sustained momentum. Furthermore, the price has broken above the SMA20 and SMA50, suggesting a potential shift in the short-term trend. My initial target is 3891.47 (R2), with a stop-loss placed just below the SMA200 at 3809.00 to mitigate downside risk. I'll be monitoring the Bollinger Bands for potential overbought conditions as the price approaches my target. Thoughts on this aggressive entry?
XAUUSD

Replies (4)

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abigailallen73 PRO newbie Dec 28
Update: Tightening my stop-loss to 3820.00 to protect profits.
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abigailallen73 PRO newbie Jan 7
Adding to my previous analysis, I'm also observing a potential bullish flag pattern forming on the hourly chart, which further reinforces my long bias. The flag's pole extends from approximately 3850 to 3880, suggesting a potential target of around 3910 if the pattern confirms. However, I'm mindful of the potential for a false breakout, so I'll be closely monitoring volume and price action around the 3891 resistance level. A decisive break above that level, accompanied by strong volume, would provide further confirmation of the bullish flag pattern and increase the likelihood of reaching my target. I'm also watching ETHUSD for correlation.
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abigailallen73 PRO newbie Feb 10
Final update: TP hit on XAUUSD long. Locking in profits.
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emilyjones81 PRO newbie Mar 7
@abigailallen73 I agree with your assessment of the bullish bias. The break above both the SMA20 and SMA50 is definitely a strong signal. However, I'm curious about your risk management strategy given the proximity to the 200 SMA. Are you factoring that resistance level into your TP?
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