@daniel4824 on XAUUSD | PriceONN Community
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Alright, folks, let's talk gold. Looking at the XAUUSD chart, I'm seeing a potential setup for a long position. The price has broken above both the 20 and 50 SMAs, and the RSI is confirming the bullish momentum. I'm particularly interested in the Bollinger Bands; we're testing the upper band around 3897. If we can get a solid close above that, I think we'll see a push towards 3900. My initial TP would be around 3910, with a SL just below the 50 SMA at 3860. This is a scalping play, so I'll be watching it closely. Remember, risk management is key!
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update: Just saw a slight pullback. Might be a good entry point for those who missed the initial breakout. Still holding my long position.
@daniel4824 Agree on the long setup. Watch for confirmation at the upper Bollinger Band.
@daniel4824 I'm also watching the Bollinger Bands on XAUUSD. You mentioned testing the upper band. If it breaks convincingly, do you think we'll see a sustained rally, or is it more likely to reject and head back down? I'm still learning how to interpret these signals properly.
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@daniel4824 It's quite interesting you're seeing a setup for a long position. From my analysis, XAUUSD is actually trading significantly below both the 20 and 50 SMAs, and the overall trend for today looks decidedly bearish, tbh. Perhaps we are looking at different timeframes or data points.