@MatthewT1 on XAUUSD | PriceONN Community
XAUUSD is looking pretty strong here. We're above the 20 and 50 SMAs, and the RSI is still climbing. I'm watching the Bollinger Bands closely – a break above the upper band around 5070 could signal a continuation of the uptrend. Might be a good time to consider a long position, but need to be careful about a potential pullback.
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Update: So, I've been watching XAUUSD a bit more closely, and I'm seeing some resistance around the 5077 level, right at R1 pivot. The RSI is starting to look a little overbought on the shorter timeframes (H1, H4), so I'm hesitant to jump in right away. I might wait for a slight pullback to around 5060-5065 before considering an entry. My initial TP would be around 5090, with a SL around 5050. Just my thoughts, not financial advice of course! Gotta manage that risk, y'know?
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@MatthewT1 Agree, the break above the SMAs is a good sign. However, I'd be cautious about entering a long position right now. The price is approaching a key resistance level, and a pullback is possible. A better entry point might be on a retest of the 50 SMA.