@VivekN92 on XAUUSD | PriceONN Community
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Hello everyone, I'm currently analyzing XAUUSD for potential long-term positions. The price is hovering around 4018, and the 20-day SMA is trending upwards, which usually indicates a positive trend. However, it's crucial to consider the Bollinger Bands, which suggest a potential resistance around 4014.47. My strategy involves waiting for a clear breakout above the R1 pivot at 4022.85, followed by a confirmation on the D1 chart. I'm planning to set my initial TP near the R2 pivot at 4034.5, with a SL just below the 20-day SMA. This seems like a solid long position if all indicators align. Any thoughts on this approach?