@sfoEmily on XAUUSD | PriceONN Community

Update: Just noticed XAUUSD is nearing the R1 pivot point. A break above 5251.88 could signal further upward movement. I'm adjusting my TP to 5260. Keeping a close eye on the volume to confirm the breakout. Still holding my long position, but being cautious.

@sfoEmily, I also see the bullish signals above the 200 SMA for XAUUSD. The RSI is indeed climbing, but I'm hesitant to jump into a long position just yet. While 5250 is a reasonable target, I think we need to see more confirmation of sustained upward momentum. I'm concerned about a potential false breakout, especially with the market closed for the weekend. Your idea of a tight stop loss below the 20 SMA is prudent, but I would also consider the ATR (Average True Range) to account for volatility. Perhaps setting the stop loss at 1.5x or 2x the ATR would provide a bit more buffer against whipsaws. Have you considered using the Fibonacci retracement levels to identify potential resistance points beyond 5250?