Gold seems to be trending upwards. The price is above the 50 SMA. Is this a good time to buy? I'm still learning about trend confirmation. I am watching the RSI also.
Update: I'm noticing that the price is hitting the R1 pivot point. It's currently at 5018.14. If it breaks through that resistance, it could go higher. I'm thinking of setting a stop loss just below the 20 SMA, around 4984, to protect my investment if it reverses. I am still learning about risk management. Also, the Bollinger Bands show that the price is near the upper band. This further indicates the possibility of a pullback. I will wait and see what happens in the next few hours. Maybe I should wait for confirmation before entering a trade.
