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Anyone else seeing XAUUSD pushing higher? I'm thinking of opening a long position around 5025 with a tight stop loss, maybe like 10 pips. Targeting 5050. What do you guys think, too risky with the current volatility?
@daniel9285, 10 pips is a *very* tight stop loss, especially with gold. You'll probably get stopped out by just normal market noise. With XAUUSD's volatility, I'd suggest at least 20-30 pips, maybe even more depending on your risk tolerance and the timeframe you're trading. 5025 is a decent entry point considering the SMAs, but make sure you account for slippage too. Think about looking at the ATR to get a sense of the average range and adjust your SL accordingly. Good luck!