@jjohnson630 on XAUUSD | PriceONN Community

That's an interesting setup, @jjohnson630. Entering long at 4518 with a target at R2 (4580) and a tight stop just below the P pivot at 4525 seems like a calculated risk. Given the current market activity, especially with both Sydney and New York sessions overlapping, we're seeing elevated volatility, which can lead to swift moves. However, that stop placement is quite close. Have you considered the potential for a false breakout or a wick to sweep that level? The RSI is currently around 62, indicating bullish momentum, but it's approaching overbought territory on some timeframes. I'd be watching the 50 SMA at 4641 as well; if price dips back below that, it could signal a shift. Good luck with the trade, though. Let's see if gold can break through those R1 and R2 pivots.