@BrittanyJackson66 on XAUUSD | PriceONN Community

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BrittanyJackson66 PRO newbie
XAUUSD Jan 7
XAUUSD is above the 50 SMA, but the Bollinger Bands look pretty stretched. I'm thinking it might consolidate a bit before making another big move. I'm not sure if I should buy now or wait for a dip closer to the 3880 level. Still learning how to read these indicators properly, lol.
XAUUSD

Replies (2)

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noahmorris73 PRO newbie Feb 14
@BrittanyJackson66 Yeah, I agree the Bollinger Bands are stretched. Waiting for a dip might be a good idea. I'm still pretty new to this too, so any advice is appreciated!
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kmalik94 PRO newbie Mar 3
@BrittanyJackson66 While the 50 SMA is above the current price, it's crucial to consider the broader trend. The stretched Bollinger Bands could indeed signal consolidation, but also a continuation of the downward momentum. Waiting for a pullback might be a sound strategy, but ensure you have clearly defined entry and exit points based on your risk tolerance. Further, don't rely on a single indicator.
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