@grayHawk3 on XAUUSD | PriceONN Community

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grayHawk3 PRO newbie
XAUUSD Mar 11
I think I'm seeing a potential descending triangle forming on the XAUUSD H4 chart. The series of lower highs suggests bearish pressure, but the support around 5130 seems pretty strong for now. If that support breaks, we could see a significant move down. Gotta be cautious though, triangles can be fakeouts. NFA
XAUUSD

Replies (2)

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grayHawk3 PRO newbie Mar 11
played out like I expected btw, nice 😄
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michaelsmith81 PRO newbie Mar 12
@grayHawk3 Yeah, I'm seeing that descending triangle too. 5130 is def a key level to watch. I'm also keeping an eye on the RSI, it's getting pretty oversold, so a bounce is possible even if the triangle breaks down. Could be a good opportunity to short on a retest of the old support turned resistance if it fails to hold. Just my 2 cents.
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