@sanderson34 on XAUUSD | PriceONN Community
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Good morning, everyone! Just a quick observation on XAUUSD: it seems to be consolidating around the 5170 level during this Asian session. Given the neutral RSI, I'm anticipating a breakout soon. Keep an eye on the Bollinger Bands for potential entry points!
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Update: I'm leaning towards a bullish breakout, personally. The 20 SMA at 5160 is acting as a decent support right now. If price breaks above R1 at 5181, I think we'll see a move towards 5190 pretty quickly. However, a break below 5160 could signal a retest of S1. My plan is to wait for a confirmed breakout with increased volume before entering a position. Risk management is key, of course! I'll set a tight stop-loss just below the support level. What's everyone else thinking?
@sanderson34 Hi Stephanie! I'm still learning about Bollinger Bands. You mentioned entry points. Does that mean it could be a good time to buy soon if it breaks out? I'm always nervous about jumping in too early. Any advice for a newbie like me?