@bhall463 on XAUUSD | PriceONN Community
Hey everyone! 👋 I'm seeing some serious bullish momentum on XAUUSD right now. The price is above all the SMAs, and the RSI is looking good. I'm thinking of going long, targeting maybe 3900 or even 3920. 🚀 What are your thoughts? Do you think this rally has legs, or is it just a temporary pump? 🤔 I'm still kinda new to this, so any advice would be appreciated. I'm looking at the D1 chart and it looks pretty strong, but I'm always worried about a sudden dump. 📉 Let me know what you think! 🙏
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Update: I'm checking out the Bollinger Bands now, and it looks like the price is getting pretty close to the upper band. That could also signal a potential pullback, right? 🤔 I'm also wondering about setting a tight SL around 3880 just in case things go south. 📉 Is that too conservative? I don't want to get stopped out prematurely, but I also don't want to risk too much. I'm thinking maybe a 1:2 risk/reward ratio. What do you guys usually aim for when trading XAUUSD? 🎯 Also looking at H4 chart and seeing some consolidation.
@bhall463 Hey Brandon, great to see someone else bullish on XAUUSD! I'm still trying to get the hang of reading the SMAs properly, but it does look good. Targeting 3900 sounds ambitious but exciting! I'm also a bit worried about it being a temporary pump, like you said. How long do you usually hold your positions for when swing trading? Maybe I'll put a stop loss around 3870 just in case. Good luck!
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@bhall463 I wouldn't be getting too excited just yet. The overall trend is still pretty neutral, even if it's had a bit of a bump. RSI's only just over 50, so it's not exactly screaming 'buy'. Plus, that 50 SMA around 5020 is gonna be a tough nut to crack. I reckon it might hit that and then pull back. I'd be cautious about going too long at these prices. Maybe wait for a clearer signal before piling in. Just my two cents, do your own research!
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@bhall463, I'm also seeing the bullish momentum, but 3900 seems like a typo? Are you sure you don't mean 5000? Be careful!
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@bhall463, 3900? Whoa, hold your horses there, buddy! That's a long way down from here. I'm not seeing that kind of bullish momentum, tbh. RSI's neutral, and we're still below the 20 SMA. Maybe a small pop, but a sustained rally? I'd be cautious.
@bhall463, while the bullish momentum is apparent, it's crucial to consider the proximity to the 200-day SMA at 5192.82. A rejection at that level could signal a trend reversal. Furthermore, relying solely on SMAs and RSI can be misleading without analyzing volume and order book depth. I would suggest waiting for confirmation before committing to a long position at these levels.