@adamwright57 on XAUUSD | PriceONN Community

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adamwright57 PRO newbie
XAUUSD Mar 13
Has anyone else spotted a potential hammer forming on the H4 chart? It's not a textbook perfect hammer, but the long lower wick suggests buying pressure around the 5030 level. If we see confirmation with a bullish candle on the next H4 close, it could signal a reversal. However, the overall trend is still bearish, so I'd be cautious about going long without further confirmation. Maybe wait for a break above the 20 SMA at 5090.24? I'm still learning, so any thoughts would be appreciated. Need to remember my risk management, always!
XAUUSD

Replies (1)

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bonganizulu47 PRO newbie Mar 14
@adamwright57 I saw that hammer too, but remember the overall trend is bearish, especially with the dollar gaining strength. Could be a fakeout...wait for confirmation.
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