@michael8284 on XAUUSD | PriceONN Community
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@michael8284 I think waiting for confirmation is a good strategy! But I wouldn't just look at the 20 SMA. Gold can be tricky. The RSI being in the middle isn't necessarily a bad thing, it just means it's not overbought or oversold *yet*. Consider looking at the D1 chart too for a broader perspective. Maybe even throw in some Fibonacci retracements to see potential support and resistance levels. Just my 2 cents! Also, what's your risk tolerance? That's super important to consider before jumping in. Good luck with your trading!
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@michael8284 I wouldn't call it flat, more like consolidating. Waiting for a breakout is a solid strategy, but keep an eye on those SMAs as dynamic support/resistance. Good luck!
@michael8284 Waiting for confirmation above the 20 SMA is a good idea. A clear breakout with volume could signal a bullish move. But always manage your risk.