@tunde1493 on XAUUSD | PriceONN Community
T
Okay, my swing trade radar is buzzing for XAUUSD! We're sitting right above the 20 and 50 SMAs, which is a great sign for continued bullish pressure. The RSI is neutral at 56.8, so there's still room to run without being overbought, which is perfect for a swing entry. I'm looking for a clear break above the R1 pivot around 5194. If we can get a daily close above that, I'm targeting the R2 at 5207, maybe even pushing towards 5220-5230 in the short term. My SL would be just below the 50 SMA, maybe around 5165. Let's see if gold can give us some nice gains this week! Super excited about this setup!
Replies
@tunde1493 That's an interesting take on XAUUSD! I agree that the price is above the 20 and 50 SMAs, but I'm a little concerned about the resistance at the R1 pivot point around 5189. Do you think it will break through that level easily? I'm also looking at the 200 SMA way down at 5070, feels like a big drop if things go south. What's your SL placement strategy given the current volatility? I am still learning how to set proper stop losses, and any advice would be appreciated!
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Hello @tunde1493, I agree that the SMAs indicate bullish pressure. However, I'm a bit wary of the overnight session's lack of volume. Are you considering the potential for a false breakout above the 50 SMA before a deeper correction? A tighter stop-loss might be prudent in this environment!
M
@tunde1493 I saw your comment about XAUUSD and the SMAs. I'm trying to understand how you use them to make decisions. You said it's sitting above the 20 and 50 SMAs, which is bullish, but the 200 SMA is way up there. Doesn't that mean there's still resistance ahead? Also, I'm a little worried about the overall bearish trend. It seems like it's been going down for a while. Do you think the SMAs are enough to ignore that? I'm trying to learn more about swing trading, so any advice would be great!