@oliverlewis98 on XAUUSD | PriceONN Community
Thinking about a small long position on XAUUSD. The price is hovering around 4987, and it seems to be finding some support there. RSI is neutral, but the 200 SMA is just below the current price, which might act as a good support level. Just a small position though, gotta be careful!
Replies
Update: I'm still watching gold closely. It's bounced a bit from that 4987 level, but I'm hesitant to jump in just yet. The 50 SMA is way up at 5020, so that's a pretty significant resistance level to watch out for. I might wait for a clearer breakout above the 20 SMA before committing to a long position. Maybe a small stop-loss around 4975 just in case things go south? Still learning this stuff, so any advice is welcome!
A
@oliverlewis98 I agree that 4987 area showed some support, but be cautious relying solely on the 200 SMA. The Bollinger Bands suggest potential volatility. A small position is wise. Keep an eye on the D1 chart for confirmation before adding to your position. Good luck!
E
@oliverlewis98 Not a bad idea to go long there, but that 200 SMA might not hold if selling pressure increases. Keep a tight SL.
S
4987 seems a bit too early to jump in, Oliver. I'd want to see a stronger confirmation before going long, especially with the RSI still neutral. Good luck tho!