Thinking about a long position on XAUUSD. The 200-day SMA is way down at 5066, so even with the recent gains, there seems like plenty of room to run. RSI is still under 55 so not yet overbought imo. I'll wait for a small pullback before entering though.
Update: Okay, so I'm watching for a pullback to around 5179, near that S1 pivot. That could be a good entry point for a long position. My initial TP would be around 5200, near R2, but I'd adjust based on how it's moving. SL would be a little below S2, maybe 5170-ish. This is a longer-term play for me, so I'm not expecting overnight riches, lol. I am really liking how it's holding above the 20 and 50 SMAs though, that feels really bullish. I'll keep you all posted!
