I usually trade XAU based on a technical analysis which I adapted.
I use 50 day and 200 day EMA to identify trends.
Then I look for a golden cross, when 50 day crosses above the 200 day to go long. Conversely a death cross, when 50 day crosses below 200 day to go short.
To reduce false signals, I also check RSI relative to 50 day chart the same way I explained.
Keep my eye on news and COT reports.
Set my stop loss just below the recent swing low for long positions and above the recent swing high for short positions to limit potential losses.
My take profit is usually set at a 2:1 reward to risk ratio.
I also use a high leverage, 1:3000, to minimize my margin and potential loss. But keep in mind even tho I have loads of capital with that leverage. I don't over-trade. risk only 2% of your trading account on a single trade. Remember you don't just need capital to open a trade, you also need capital to support your open trade.