@sydDaniel45 on XAUUSD | PriceONN Community
S
XAUUSD is currently exhibiting strong bullish momentum. The RSI(14) at 62.6 indicates continued upward potential. I'm initiating a long position, targeting the R1 pivot point at 3888.52 as an initial profit target. A subsequent target would be the R2 level at 3891.47. Stop-loss will be placed just below the 20 SMA, around 3868. While the price has broken through the upper Bollinger Band at 3897.95, suggesting overbought conditions, the overall trend remains positive. I will monitor price action closely around these resistance levels for signs of exhaustion. This trade aligns with a risk-reward ratio of approximately 2:1.