@leewei67 on XAUUSD | PriceONN Community
Been watching XAUUSD closely on the H4 chart, and I'm spotting what looks like a potential descending triangle forming. Price action is respecting the upper trendline resistance, while the horizontal support around the 4720 level is being tested repeatedly. If we see a solid break below that support, it could signal a further downside move.
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Just to add to my previous thought, the RSI is currently sitting around 53.4, which isn't giving us any oversold or overbought signals yet. This neutral RSI level also fits with the consolidation pattern of the triangle, so no immediate divergence to worry about there.
Yeah, so if that descending triangle on the H4 plays out and we break that 4720 support, I'll be looking to enter a short position. My initial target would be around the S2 pivot point at 4710, and then potentially lower if momentum carries. Gotta keep an eye on the volume too, that's key for confirmation.