@chloe7579 on XAUUSD | PriceONN Community
Gold seems to be having a bit of a run lately. I'm new to trading gold specifically, mostly been in stocks, so this is a bit different. I'm wondering if this is a good time to get in, or if I should wait for a dip? It's hard to know when it's going to stop going up!
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Update: I'm looking at the charts now, and the RSI is definitely getting up there. I'm also seeing that the price is above the 50-day SMA. Does that mean it's likely to keep going up, or that it's due for a correction? Still trying to wrap my head around all these indicators!
Chloe, timing the market is always tricky. Gold's recent run might be a bull trap. I'd be cautious about jumping in right now, especially with the RSI showing bearish signals. Consider waiting for a pullback towards the 4930 level before entering a long position. Alternatively, look for a break above the R1 pivot around 4973 with confirmation. Always define your risk and use stop losses.
T
Hi @chloe7579, I understand your hesitation about entering the gold market right now. It's true that gold has been on an upward trend, but it's important to consider potential pullbacks. As a beginner, it might be prudent to wait for a slight dip before entering a long position. This could provide a more favourable entry point and reduce your risk. Consider also looking at some technical indicators like moving averages to confirm your entry point. Good luck!