@abigailallen73 on XAUUSD | PriceONN Community
A
I'm initiating a long position on XAUUSD based on the confluence of several technical indicators. The current price action is exhibiting a strong bullish bias, confirmed by the RSI(14) at 62.6, indicating sustained momentum. Furthermore, the price has broken above the SMA20 and SMA50, suggesting a potential shift in the short-term trend. My initial target is 3891.47 (R2), with a stop-loss placed just below the SMA200 at 3809.00 to mitigate downside risk. I'll be monitoring the Bollinger Bands for potential overbought conditions as the price approaches my target. Thoughts on this aggressive entry?