@CoderJennifer on XAUUSD | PriceONN Community
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I'm trying to learn more about using the RSI indicator. I see that it's around 62 for XAUUSD, which I think means it's bullish, but not overbought yet? I'm wondering how reliable the RSI is on its own, or if I should always combine it with other indicators like the moving averages. Also, does anyone have advice on setting good stop-loss levels when trading XAUUSD? I'm always worried about setting them too tight and getting stopped out prematurely! What's everyone's favorite strategy for this?
Replies
Jennifer, RSI alone is not sufficient. Combine it with price action and other indicators. Divergence between RSI and price can signal potential reversals. Also, consider the timeframe you're analyzing; RSI on D1 will differ from H4.