Gold seems to be showing a lot of upward momentum recently! I'm still quite new to this, but the RSI above 60 seems like a good sign. I'm trying to learn more about using Simple Moving Averages to confirm trends. Any advice on how to better read these signals?
Update: I've noticed that the 200 SMA is acting as a potential resistance point too, around 4994. Could this stop the bullish trend? I'm thinking of setting a tight stop loss just in case there's a pullback. Risk management is key!
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samuelhall35PROnewbieFeb 28
@FreeRiver45, it's great you're diving into the SMAs! I'm also trying to understand them better. From what I've gathered, it's useful to look at multiple SMAs (like 20, 50, and 200) to get a broader perspective. When the shorter SMA crosses above the longer one, it often signals a potential uptrend! Good luck with your learning.