@kavita94 on XAUUSD | PriceONN Community

Update: I'm also noticing that the price is above the 20 SMA and 50 SMA, which seems like another good sign for a continued uptrend. But I'm a little concerned about a possible pullback. Should I wait for a small dip before entering a long position, or is it better to just jump in now? Still learning to manage my FOMO!

@kavita94, I agree that XAUUSD appears bullish right now. However, relying solely on the RSI can be misleading. While it's above 60, indicating upward momentum, it's also nearing overbought conditions. I'd suggest incorporating other indicators like Fibonacci retracements to identify potential resistance levels beyond R1. Also, consider the SMA 20 crossing the SMA 50 as a confirmation signal. Setting your TP too close to R1 might be conservative; look at the Bollinger Bands upper limit for a more aggressive target, but always manage your risk accordingly. Don't get too greedy.

@kavita94, regarding your query about profit targets, the R1 pivot at 5170 is a reasonable initial target, but it's essential to consider your risk tolerance. Given the RSI, aiming for a slightly higher target near the 5180 level (R2 pivot) might be feasible, but be prepared to tighten your stop loss. Always protect your capital first and foremost.