@AmandaA34 on XAUUSD | PriceONN Community
XAUUSD looking interesting here. Watching for a potential long entry around the 4993-4990 area, coinciding with the 20 SMA. SL just below 4985, targeting 5010. RSI is neutral, but the overall trend seems bullish, so a good risk/reward setup imo. Might wait for a small pullback before entering though.
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Also, just to add, I'm considering scaling into the position if it retraces slightly after the breakout. Think it's a good way to manage risk and maximize potential profits. Will need to see how the volume behaves. Gonna watch the price action closely for the next hour or so.
Update: Just noticed the Bollinger Bands are tightening. Could signal an imminent breakout, further supporting the bullish bias. Keeping a close eye on the price action around the upper band (5020). If it breaks convincingly, I'll adjust my TP accordingly. Also, checking the H4 chart for any confirmation signals.