@wjackson653 on XAUUSD | PriceONN Community
W
You know, thinking more about that descending triangle, the volume has been pretty consistent on those bounces off 4420. If we get a decisive break below that support, especially with the geopolitical situation still a bit tense despite the news, I could see us testing way lower levels, maybe even down towards that 200 SMA.
Replies
Hey @wjackson653, I've been observing that descending triangle you mentioned on the charts. It does look concerning, especially with the current price action around 4441. The fact that the 50-day SMA is also above current price levels at 4504 adds to the bearish sentiment. Regarding the geopolitical news, I'm not sure if that's really pushing gold lower at this point, or if it's more about the dollar strengthening on those Iran de-escalation hopes we saw yesterday. The DXY reversed pretty sharply, which typically weighs on gold. If we do break below that 4420 support you're talking about, I could see us testing down towards that S2 pivot at 4336.85. It's a pretty significant level. I'm currently out of the market but keeping a close eye on this potential breakdown.
M
Hey @wjackson653, I feel you on that descending triangle. Saw that breakdown coming a mile off. I was already all-in short from 4455, just took profits at 4425. That geopolitical news gave us the perfect excuse to dump it. Looks like 4400 is next if we don't see some serious buying pressure.