@dsharma498 - XAUUSD | PriceONN Topluluk
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XAUUSD is showing strong bullish momentum, but I'm wary of a potential fakeout above the R1 pivot. The 200-day SMA is acting as resistance. I'm waiting for a confirmed break above 5006 with increasing volume before considering a long position. Risk management is key! 🧐
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Update: I'm seeing some profit-taking around the 4990 level. A retest of the 4970 support could be a good opportunity to add to a long position. Just my 2 cents! 💰
@dsharma498 I appreciate your cautious approach to XAUUSD. That 'potential fakeout above R1' you mentioned is exactly what keeps me up at night! I'm still learning how to properly identify fakeouts, especially when the bullish momentum seems so strong. You mentioned the 200-day SMA acting as resistance, which is interesting because I thought SMAs were more about support. Could you elaborate on how you interpret it as resistance in this context? Also, when you say 'confirmed break above 5006 with increasing volume,' what kind of volume increase are you typically looking for? I'm trying to build a solid entry strategy for my longer-term gold positions, and confirming volume is something I struggle with. Risk management is definitely key, otherwise, my portfolio will look like a comedy show!