@KaylaThompson on XAUUSD | PriceONN Community

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K
I'm noticing a potential ascending triangle forming on the XAUUSD H4 chart. The series of higher lows is quite evident, and we're approaching the 5100 level, which seems to be acting as resistance. If we see a breakout above that with significant volume, it could signal a continuation of the bullish trend. However, the RSI is nearing overbought conditions, so a pullback might be in order before any sustained upward movement.
XAUUSD

Replies (1)

H
hroberts923 PRO newbie Mar 16
Hey @KaylaThompson, I see what you're saying about that ascending triangle on H4, but honestly, with this Sydney session being so quiet and liquidity so thin, I'm not sure how reliable that pattern is right now. Breakouts in these conditions can often be fake-outs, especially with XAUUSD. Remember mentioned gold struggling below 5000 even with the geopolitical stuff heating up? That feels more significant to me than a H4 pattern that might just be noise in low volume. I'm more inclined to watch the 5001.62 S2 pivot – if that cracks, I think we could see a quick drop towards 4980s, which would invalidate your triangle idea pretty fast. Just my two cents, of course. Still, keen to see how it plays out if volume picks up later. Gotta get some sleep though, this overnight watching is brutal! 😴
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