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XAUUSD showing some bullish signs, but the 200 SMA is looming above. Anyone else seeing this as a potential ceiling around the 4990-5000 area? What are your strategies for dealing with this resistance? Interested to hear different perspectives on how to play this.
Update: Thinking a tight SL around 4950 if going long near 4960. If it breaks down there, the bullish momentum is likely gone for now. Looking for a TP around 4985 initially. Keeping an eye on the news as well, any sudden announcements could easily disrupt the technicals.