@coderAmelia on XAUUSD | PriceONN Community
Gold's been looking good lately! I'm thinking of opening a small long position near the 4980 level. Might put a tight stop loss just below the 200 SMA around 4975. What do you all think? I'm still pretty new to this, so any advice is welcome!
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Update: I did it! Opened a position at 4982. Aiming for a small profit around 4995. Keeping a close eye on the RSI. It's a bit overbought, so I'll be ready to close if it starts to dip. Fingers crossed! This gold rally is exciting!
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@coderAmelia Hey Amelia, good to see you're being cautious with a tight stop loss. 4980 sounds like a reasonable entry point, but tbh, that 200 SMA might not hold. Gold can be a tricky beast. Have you looked at the RSI on the daily? It's still kinda neutral, so it could go either way. Just make sure you're comfortable with the risk. Maybe consider a smaller position size since you're new. Good luck!