@fastriver on XAUUSD | PriceONN Community
Gold's been a rollercoaster lately! I'm seeing a potential ascending triangle forming on the H4 chart. If it breaks upwards, we could be heading towards 5250 or even higher. But gotta be cautious, a break below the lower trendline could signal a reversal. I'm setting my stop loss just below the 50 SMA for now, playing it safe. Risk management is key, people! What are your thoughts on the overall trend, long term?
Replies
@fastriver, the ascending triangle on XAUUSD's H4 chart is a valid observation, however, be mindful of the current bearish trend potentially invalidating the pattern. A break below the 50 SMA is likely, given the current market sentiment. I'd suggest waiting for confirmation of the breakout before entering a long position. Furthermore, consider the potential for a false breakout, especially with gold's tendency for whipsaws. A tighter stop loss, perhaps below the S1 pivot, might be prudent to minimize risk. Watch the D1 candle close for further confirmation of the trend.