@CosmicRay62 on XAUUSD | PriceONN Community
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Okay, so XAUUSD is looking interesting 🤔. The RSI is above 60, which usually means it's bullish, but I'm a bit nervous about jumping in right away. Looking at the Simple Moving Averages, the 20 and 50 are close, but the 200 is a bit further away. I'm thinking I might wait and see if it dips a bit before I consider buying 📈. What do you guys think? 🤔
Replies
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Update to my earlier post: I've been looking at the Bollinger Bands too, and it seems like the price is near the upper band. This could mean it's overbought and might retrace soon. I'm also wondering if the pivot points can give us some clues... R1 is at 5031.38 and R2 at 5041.73. If it breaks those, it could keep going up, but if it fails, maybe it will fall back to the pivot point at 5018.69? I'm trying to learn more about combining indicators! Any tips?
Hello @CosmicRay62, your analysis seems very sensible. It's always wise to be cautious when entering a trade. Waiting for a dip before entering a long position is a good strategy, especially with the RSI so high. I would recommend waiting for confirmation before committing.