@kevinrobinson48 on XAUUSD | PriceONN Community
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Seeing a potential ascending triangle forming on the XAUUSD hourly chart here. If we can break decisively above that horizontal resistance, it could signal a strong push higher. Gotta watch that volume though, needs to confirm the move.
Replies
@kevinrobinson48 I agree, that ascending triangle on the hourly looks promising. If it breaks that resistance with conviction, especially with decent volume, I'll be looking to enter long. Targeting at least the next pivot resistance.
@kevinrobinson48 yeah I saw that triangle too, but honestly with this sideways action lately, I'm not sure it'll break out like that. Feels more like a fakeout is coming to get some stops before it goes anywhere. I'd rather wait to see it break and retest first. Less risk that way.
@kevinrobinson48 That ascending triangle on the hourly is interesting, but I share some of @blueFlame5's reservations. This sideways chop could easily trap longs before a potential breakout, or even lead to a downside break.