@thabobotha82 on XAUUSD | PriceONN Community
Okay, so I'm seeing a potential long opportunity on XAUUSD! The price has broken above both the 20 and 50 SMAs on the H4 chart, which is a good sign. RSI is also looking strong, not yet overbought, giving it room to run. I'm thinking of entering around 3887 with a stop loss just below the 3865 level. Targeting 3900 initially, then maybe 3920 if momentum continues. What do you guys think? Any opinions?
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Update: Just entered the long position at 3887. Let's see how this plays out!
Also, just noticed that the price is holding nicely above the pivot point. That's another good sign for this long trade. I'm still sticking to my initial plan, but I'll be ready to adjust if things change. Gotta be flexible!
B
@thabobotha82 Interesting analysis! 👍 I'm still trying to wrap my head around SMAs and all that technical stuff. So, if the price breaks above the SMAs, that's generally a good sign for going long, right? And you set your stop loss just below to protect yourself in case it dips? Just trying to make sure I'm understanding this correctly! 😅