@ryan2195 on XAUUSD | PriceONN Community
XAUUSD is currently consolidating near the 5186 level. The 20 and 50 SMAs are providing dynamic support in this region. A breakout above the Bollinger Band upper band around 5198 could signal further upside, while a break below the lower band at 5162 might lead to a retest of the S1 pivot at 5171.
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Update: Observing the H4 timeframe, there's a potential ascending triangle forming. A confirmed breakout above 5200 would strengthen the bullish bias. However, the RSI on the H4 is approaching overbought territory, so a pullback is possible. I'll be watching for a retest of the breakout level for a potential long entry. Stop loss placement would be key in managing risk; considering placing it just below the 20 SMA on the H4 chart. This setup offers a decent risk-reward ratio if it plays out as anticipated. Always remember to adjust position size according to your risk tolerance.