@anthonyyoung67 on XAUUSD | PriceONN Community
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XAUUSD is looking prime for a long position here! We've seen a solid bounce off the 50 SMA around 4004, and the RSI is confirming the bullish momentum. I'm targeting the R1 pivot at 4022.85 initially, but I think we could see a push towards R2 at 4034.5 if the buying pressure continues. Keep an eye on those Bollinger Bands too – a break above the upper band could signal even more upside. I'm setting my SL just below the 50 SMA to manage risk. This could be a great opportunity to ride the wave!
Replies
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Update: Just entered the long position on XAUUSD. Let's see if this plays out! Keeping a close watch on price action near that 4022 level.
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@anthonyyoung67 I agree with your analysis! The bounce off the 50 SMA is a strong signal. I also noticed the RSI confirming the bullish momentum. Your targets at R1 and R2 pivots seem reasonable. I'm a little more conservative, though. I might take some profits at R1 and then see if it has the strength to push higher. Risk management is so important, especially with gold's volatility. What's your risk/reward ratio on this trade?
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@anthonyyoung67 I see what you mean about the bounce off the 50 SMA! Good catch. I'm a little wary of a fakeout though, especially with gold being so volatile. I'm thinking of waiting for a confirmed break above R1 before entering a long position. Maybe a small position now and add if it breaks? What's your stop loss looking like for that trade? I'm always curious how others manage their risk on XAUUSD. It can be a beast!
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Anthony, you mentioned the 50 SMA. Does that hold up if the dollar strengthens? I'm worried about a potential USD rally impacting XAUUSD even with the bullish RSI. Maybe a short term pullback before the long?
@anthonyyoung67 Solid analysis! I'm seeing the same bullish signals. That 50 SMA bounce was pretty clean. I'm thinking we might even push past R2 next week, especially if the dollar weakens. A break above that could send XAUUSD flying! Let's see what happens!