@brandonharris on XAUUSD | PriceONN Community
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I'm thinking about adding to my gold position, but I'm also keeping an eye on Bitcoin. It seems like both are acting as safe havens lately. I'm seeing some resistance for XAUUSD around 3890, which lines up pretty close to R2. If it breaks that, we could see a big move up! I might set a tight SL just below 3880 in case of a fakeout. What do you guys think?
Replies
Interesting to see gold pushing higher despite the strong dollar. I'll be watching the 3890 level closely as @brandonharris mentioned; a break above that could signal further upside.
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I'm also watching Bitcoin, @brandonharris! I'm not sure which one is better right now lol. I think gold is safer but Bitcoin is more exciting! I need to do more research.
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Brandon, I'm also watching the correlation between gold and Bitcoin. Interesting to see them both acting as safe havens simultaneously. I agree about the resistance around 5087, too. Will be interesting to see if it breaks that level next week.
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Hey @brandonharris, interesting take on gold and Bitcoin as dual safe havens. While they sometimes correlate in flight-to-safety moves, their underlying drivers are quite different, especially for long-term position holding. For XAUUSD, I'm not seeing any major resistance around 3890 on my charts right now, R2 is up closer to 5207. Maybe check your charting software? Breaking R2 would definitely be a significant bullish signal, but volume confirmation would be crucial. For a position trade, a tight SL might get wicked out too easily, especially with current volatility. I usually prefer to size my position smaller and allow for more structural drawdowns, rather than getting stopped out on noise. It's all about managing that risk profile for the long haul, right?