@pilotRyan on XAUUSD | PriceONN Community
Watching XAUUSD charts and I think I'm seeing a bit of a descending triangle forming on the 1-hour chart. Price keeps hitting that resistance around 5030 but the lows are getting lower. If it breaks that 5010 support level, I reckon we could see a quick drop. Anyone else seeing this pattern? Seems pretty clear to me.
Replies
Yeah, that triangle pattern looks solid on the 1hr. I'm also keeping an eye on the RSI which is sitting right in the middle, no real conviction there. If it breaks down, I might look for a short entry around 5000, maybe even lower if it's a sharp move. Gotta be careful though, could be a liquidity grab before a bounce.