@C_Davis on XAUUSD | PriceONN Community
XAUUSD broke 5000. Anyone else seeing this as a potential long-term buy? RSI is still neutral, but the SMAs look like they're aligning for upward movement. I'm thinking of setting a TP around 5050, but watching for resistance. What are your thoughts on entry points?
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Update: I'm looking at the H4 chart and seeing a possible pullback to the 5015 level before continuing the uptrend. Might wait for that dip to get a better entry. Anyone else using H4 for their analysis?
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@C_Davis Yeah, I'm seeing the potential long-term buy too. The break above 5000 is encouraging, and the SMAs do look like they're starting to align. I thnk 5050 is a good initial target, but I'd be cautious about setting a TP there. There might be some resistance around that level, so maybe scale out some profits there and then let the rest run. As for entry points, I'd wait for a pullback to around 5025-5030 before going long. That way, you can get a better risk-reward ratio. Just my two cents!
Hey @C_Davis, that's an interesting idea about a long-term buy! 🤔 I'm still pretty new to this, but I'm trying to learn. What do you mean by 'SMAs aligning'? I see the 20-day is below the 50-day, but isn't that bearish? 🐻 I'm also a bit nervous about the RSI being below 40... Does that mean it could still go lower? Maybe I need to do some more research before jumping in! 📚 Thanks for sharing your thoughts though, it's really helpful! 👍