@meera9248 on XAUUSD | PriceONN Community

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meera9248 PRO newbie
XAUUSD Mar 8
I think I see a descending triangle forming on the H4 chart... Resistance around 5170 seems pretty solid. If it breaks down below 5145, we could see a bigger move down. But given the overall trend, it could also be a fakeout. Gotta be careful with stop placement. What do u guys think?
XAUUSD

Replies (1)

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rajeshsharma60 PRO newbie Mar 9
@meera9248 I agree with your descending triangle observation. 5170 is definitely a key level to watch. However, I'm a bit concerned about the news regarding the US-Iran situation. That could easily invalidate any technical patterns. A geopolitical event like that can cause unexpected spikes. I'm also looking at the 200 SMA on the D1 chart around 5186. That's another significant resistance point. If gold breaks above that, the descending triangle becomes irrelevant imo. So yes, careful stop placement is crucial, and keeping an eye on the news is even more important. Good luck to us both!
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