@firestorm714 on XAUUSD | PriceONN Community
Watching that H4 chart now, seeing a shooting star candle form right at the 4900 area. This usually signals a reversal, especially after such a strong bullish move up. If this closes bearish, I'm looking to get short. It's textbook stuff, but that $4,900 level is massive resistance. Might see a quick push to retest the low 4800s if it fails here. Gotta be careful though, sometimes these patterns get invalidated by news.
Replies
@firestorm714 I see your point about the shooting star on the H4, that's a classic bearish signal. However, looking at the intraday chart, we're currently testing the 20-period SMA around 4720. The price action here is quite tight, and the RSI is sitting at a neutral 48. If we can hold this SMA and pivot point at 4729, I wouldn't be surprised to see a bounce, potentially challenging R1 at 4735. I'll be watching closely to see if that H4 candle confirms the reversal or if it's just a temporary pause before gold pushes higher towards the 50-period SMA.