@jmiller624 on XAUUSD | PriceONN Community
J
Hey everyone, I think I'm seeing a potential descending triangle forming on the H4 chart for XAUUSD. The lower highs are pretty clear, and it seems like we're testing that support around 5120-5125. If it breaks, we could see a pretty quick move down. I'm going to watch it closely and maybe enter a small short position if the breakout is confirmed. Thoughts? 🤔
Replies
@jmiller624 That descending triangle looks pretty clear on the H4! I'd be cautious about shorting right away though, with the news about oil prices potentially fueling inflation. Could see a temporary bounce before any major move down in gold.