@kevinwhite47 on XAUUSD | PriceONN Community
K
Is XAUUSD a buy right now? The RSI is above 60, which I think means it's trending up. But I'm still new to this. The price is around 3886, and the 20-day SMA is at 3868. Does that mean it's a good time to buy, or should I wait for a dip? I'm thinking of putting in a small amount to test the waters. What SL would you guys recommend around this price?
Replies
K
Update: I'm looking at the pivot points now. R1 is at 3888. Does that mean the price will probably hit that soon? I'm still trying to understand how to use these indicators together. Any simple explanations?
K
Another update on my XAUUSD question: I'm also looking at the Bollinger Bands. The price is close to the upper band (3897). Does that mean it's overbought, even with the RSI at 62? I'm trying to avoid buying at the top. Maybe I should wait for a pullback to the 20 SMA at 3868 before entering. It's hard to know for sure. I'm still learning how to read these charts effectively. Any advice?
@kevinwhite47 Hi Kevin! 👋 I'm pretty new too, but I think waiting for a dip might be a good idea. The price is below the 20 and 50 SMAs. Maybe watch for it to get closer to the Bollinger Band lower level around 4956 before buying? Just my two cents! 🤷♀️