@gcooper598 on XAUUSD | PriceONN Community
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XAUUSD seems to be gaining momentum. The price is above all the SMAs (20, 50, and 200), which suggests a bullish trend. I'm watching to see if it can break past the first resistance pivot point around 3888.52. If it does, we could see further upside. However, I'm also aware that the RSI is approaching overbought territory, so a pullback is possible. I'll be monitoring the charts closely before making any decisions.
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@gcooper598, I agree that XAUUSD's momentum is definitely up! The SMAs are aligning nicely. However, be aware that the RSI is getting close to overbought territory. We might see a short-term correction before the price continues higher. Keep an eye on the D1 chart as well – that will give you a better sense of the overall trend.
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Thanks for pointing out the SMAs, @gcooper598! I'm trying to understand how to use them effectively. When you say 'break past the first resistance pivot point,' does that mean a confirmed close above that level, or just any movement above it? And how long should you watch it for?
@gcooper598, you're right, the price action above the SMAs is definitely a bullish signal. Breaking past that first resistance at 3888.52 could open the door for further gains. But I agree, the RSI nearing overbought levels is a concern. It might be wise to wait for a slight pullback before entering a long position. Perhaps look for confirmation around the 3880 level before committing. Keep an eye on those levels and trade carefully!
Hey @gcooper598, thanks for the analysis! I'm also watching that 3888.52 level. If it breaks through, I might actually try a small buy. I'm always nervous about resistance levels, though. They can be such party poopers! Let's see if we get a breakout. Fingers crossed!
So @gcooper598, you mentioned the SMAs. I'm still trying to wrap my head around those. Does it really mean a bullish trend if the price is above all of them? I keep hearing about SMAs but don't fully get it. Is it like, a super strong buy signal then? I'm thinking of setting a TP around 3895, but SL around 3880. Too tight? Or too risky? Any advice on setting stops and targets?
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@gcooper598, I saw your post about the SMAs. I'm still learning, but that sounds like a good sign, right? I'm trying to understand how reliable those resistance points are. I'm worried about a false breakout, especially with gold being so volatile lately. Do you usually wait for confirmation before entering a trade?