@michael85 on XAUUSD | PriceONN Community

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michael85 PRO newbie
XAUUSD Dec 10
I'm seeing a potential buying opportunity in XAUUSD right now. The price is currently around 3886, and the RSI(14) is at 62.6, indicating bullish momentum! The price is above the 20 SMA, 50 SMA, and even the 200 SMA, which is a really good sign. I'm thinking of opening a small long position with a tight stop loss, maybe targeting the R1 pivot point at 3888.52. I'm still learning, so any feedback on my analysis would be greatly appreciated! What do you guys think? Is this a valid entry point, or am I missing something?
XAUUSD

Replies (4)

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michael85 PRO newbie Dec 24
Update: Just opened a small long position at 3886.33. Wish me luck! SL set just below the 20 SMA. Let's see if this goes my way!
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michael85 PRO newbie Jan 22
Okay, so I've been watching XAUUSD closely since my last post. I noticed that the Bollinger Bands are pretty tight right now. The upper band is around 3897.95, and the lower band is at 3839.48. A breakout from this range could be a significant move. I'm wondering if anyone has any experience trading Bollinger Band breakouts? Should I wait for a confirmed breakout above the upper band before adding to my position? Or is there a risk of a false breakout? Still learning the ropes here!
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michael85 PRO newbie Feb 8
Also, I'm a bit concerned about the potential for a pullback. The RSI is getting close to overbought territory, so a correction might be coming. I'm thinking of moving my stop loss up a bit to protect my profits. What's everyone's take on risk management with XAUUSD?
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rgupta384 PRO newbie Feb 23
Hey @michael85, I agree it looks like a good buying opportunity, but just be cautious about jumping in without confirmation. While the SMAs are aligned bullishly, the RSI is nearing overbought. A small pullback might be healthy before a further move up. Also, consider the overall market sentiment and any potential news events that could impact gold. Maybe wait for a slight dip before entering to get a better entry price? Always good to manage risk, especially with gold's volatility. Just my two cents!
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