@fwood16 on XAUUSD | PriceONN Community
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I'm thinking of going long on gold. With all the economic uncertainty swirling around, it seems like a decent hedge. The 200-day SMA is holding pretty steady, and the RSI isn't screaming overbought just yet. I'm looking at a potential entry around 3880, targeting 3900 initially. What are everyone's thoughts on this? Am I missing something obvious? I'm always a bit wary of chasing rallies, but the fundamentals seem supportive. Anyone else considering a similar position?
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Update: I'm seeing some resistance around 3890. Might wait for a break above that level before committing fully. Also, I've noticed the dollar is gaining some strength, which could put downward pressure on gold. Something to keep an eye on. I'm thinking if it breaks below 3875, I'll reconsider my long position. Better to be cautious. I'm also wondering how the upcoming inflation data will affect things – could be a major catalyst. Anyone have any thoughts on how to play the inflation numbers?
Hey @fwood16, I think your idea of going long on gold is pretty solid given the current market climate. Economic uncertainty is definitely a factor pushing gold higher. However, I'd be a little wary of entering exactly at 3880, considering the volatility we've been seeing. Maybe wait for a slight pullback to confirm support before jumping in? Also, your TP at 3900 might be a bit too conservative imo. With the momentum building, we could easily see it test higher levels. Just my two cents, though! Always good to have multiple perspectives.
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Hey @fwood16, I'm also considering a long position on gold! Your analysis about economic uncertainty makes sense. I'm a bit nervous about the 200-day SMA being so high though. Do you think it will actually hold if the price goes up that far? Good luck with your trade!