@GWright79 on XAUUSD | PriceONN Community
Is anyone else watching the 50 SMA on the daily? Seems like gold is struggling to break above it consistently. Could be a key level to watch for potential resistance. I'm still learning so any thoughts would be appreciated!
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Update: I'm looking at XAUUSD a bit closer now. The 20 SMA is below the 50 SMA which usually indicates a downtrend, right? But the RSI is around 50, so it's kind of neutral. I'm thinking maybe it's consolidating before another move. I'm still hesitant to enter a position without more confirmation. Maybe waiting for a clear break above or below the SMAs is the safer play? Also, I've been reading about using Fibonacci retracements to identify potential support and resistance levels. Might give that a go too. Any advice on using fibs?