@jwilson394 on XAUUSD | PriceONN Community
Gold's been choppy, ngl. Sitting right around 4993, but the RSI isn't giving a clear signal either way. Gotta wait for the market to decide if it wants to test 5000 again or drop back down. Personally, I'm leaning short if it breaks below 4985.
Replies
Update: Looking at the H4 chart, there's a potential head and shoulders forming. If that plays out, we could see a pretty significant drop. I'm setting a tight SL just above the 5000 level, targeting 4970 initially. Could be a good risk/reward setup. Also, keep an eye on the 50 SMA; it's been acting as resistance lately. A break above that could invalidate the H&S pattern, so adjust accordingly. Just my 2 cents, not financial advice of course! Good luck trading out there.