@GhostLine77 on XAUUSD | PriceONN Community
Hello everyone! I'm trying to get a better grasp on using Simple Moving Averages for XAUUSD. I've noticed the 20-day SMA is currently at 4996.32 and the 50-day SMA is at 4978.69. How reliable are these as dynamic support levels in a strong bullish trend? Any insights would be greatly appreciated!
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Update: I'm also looking at the pivot points for XAUUSD. R1 is at 5016.32, which gold has just hit. If it breaks through that, R2 at 5020.94 might be the next target. I'm curious to see if the price will consolidate around these levels or continue its upward momentum. What do you guys think?
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@GhostLine77 SMAs are useful, but I wouldn't rely on them solely as dynamic support/resistance, especially in a strong trend. Combine them with other indicators like Fibonacci levels or trend lines for more confirmation. 😉