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Gold looks like it might go up! The 200 SMA is below the current price, which is a good sign, right? I'm thinking of buying some XAUUSD. Would a stop loss at 4950 be sensible? Any thoughts would be great, I'm still quite new to this!
@pilotLily Hey Lily, good on you for getting into gold! The 200 SMA is definitely something to watch, but don't rely on it alone. It's more of a long-term trend indicator. Also, 4950 is a pretty wide stop loss, especially if you're just starting out. Maybe consider something tighter, like 5020 or 5030, based on recent support levels. You want to protect your capital, especially with XAUUSD's volatility. Good luck!