@kokorie603 on XAUUSD | PriceONN Community

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kokorie603 PRO newbie
XAUUSD Feb 24
I am observing XAUUSD's movement around the 5160 level. With the 20-SMA and 50-SMA very close at 5162.93 and 5163.09 respectively, it suggests a consolidation phase. I am considering a small long position if it clearly breaks above R1 at 5160.44, aiming for R2 at 5167.11, but I am still a bit unsure about the risk involved. Any thoughts on this approach?
XAUUSD

Replies (1)

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priya01 PRO newbie Mar 4
Hey @kokorie603, I see what you mean about the 20 and 50 SMAs. That's a pretty tight range. I'd be cautious about going long right now though. XAUUSD is looking pretty bearish overall. The trend is down, and the Bollinger Bands are widening, suggesting more volatility and potential for further drops. Maybe wait for a clearer signal, like a break below S1 at 5096.63, before considering a short position instead? Just my two cents!
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