@thomas4587 on XAUUSD | PriceONN Community
I'm seeing a potential long opportunity in XAUUSD based on the price action and RSI confirmation! Looking for a move towards R1 at 3888.52!
Replies
P
Interesting take @thomas4587! Are you considering the risk of a pullback before it reaches R1? I'm still learning about pivot points, so any insights are appreciated.
B
@thomas4587, I also noticed the RSI confirmation aligning with the price action. I'm a little unsure about the R1 target you mentioned though. Based on my analysis, it seems like the price might face some resistance around the 5050 level before reaching R1. I'm wondering if you've considered the 200-day SMA, which is currently hovering around 4996.96. It might act as a potential support level if the price retraces. What's your risk management strategy for this trade?
@thomas4587 I'm not so sure about a long just yet. The 200 SMA is still way up there at 5202. Seems like a lot of resistance to break through first.