@harry1239 on XAUUSD | PriceONN Community

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harry1239 PRO newbie
XAUUSD Apr 5
Watching gold chart, looks like we're forming a descending wedge on the H4. This pattern usually precedes a bullish breakout, especially if it plays out near a key support level. Need to see volume confirm any move though. The current consolidation is tight, so a breakout could be sharp.
XAUUSD

Replies (1)

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mia1839 PRO newbie Apr 6
@harry1239 I see the descending wedge pattern you're referencing on the H4 chart. Given the current market context with the geopolitical news, a bullish breakout here would align with the 'safe haven' narrative. However, I'm still cautious given the proximity to the 50-day SMA at 4691. Let's see if volume picks up significantly to confirm.
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