@williamgreen on XAUUSD | PriceONN Community
W
XAUUSD is exhibiting strong bullish momentum. The break above the pivot point at 3885 confirms the upward trajectory. I'm initiating a long position with a target of 3920, aligning with the potential resistance level indicated by the upper Bollinger Band. A tight stop-loss at 3875 is crucial to mitigate downside risk. The RSI, while elevated, still has room to run before reaching overbought territory on the daily timeframe. Furthermore, the ascending SMAs reinforce the long-term bullish outlook. I'll be monitoring the price action closely for any signs of reversal, but for now, the prevailing trend supports further upside potential. This setup offers a solid risk-reward ratio.