@jdavis378 on XAUUSD | PriceONN Community

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jdavis378
Gold's been on a tear lately. I'm generally bullish on XAUUSD long-term, given the current economic climate and inflation concerns. However, I'm always wary of chasing a rally. A pullback to the 3850-3860 area wouldn't surprise me, and honestly, I'd welcome it as a buying opportunity. I'm watching the 200 SMA on the D1 chart as a key support level. If that breaks, then my bullish outlook might need re-evaluating. For now, I'm holding my existing long positions with a relatively tight stop-loss, just in case. Risk management is key, as always. I'm not convinced this rally has legs beyond 3900 without some consolidation first.
XAUUSD

Replies (2)

jdavis378
jdavis378 PRO newbie Jan 21
Update: Still holding my longs, but tightening my stop-loss to 3845. Just playing it safe.
G
graceward85 PRO newbie Feb 1
I share your concerns about chasing the rally, @jdavis378. Waiting for a pullback to the 3850-3860 range seems prudent before establishing a long position.
EURUSD 1.16280 -0.02%
GBPUSD 1.34359 -0.20%
USDJPY 159.97750 +0.06%
XAUUSD 4,477.86 -0.22%
XAGUSD 73.91 -1.58%
BTCUSD 63,751 -5.68%
SP500 6,572.87 +0.74%
BRENT 97.93 -0.97%
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