@ethan_m18 on XAUUSD | PriceONN Community
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Okay, digging deeper into XAUUSD... I'm spotting a potential head and shoulders pattern on the daily chart. The neckline is sitting right around 5165.77, which is also that S2 pivot. If we see a confirmed break below that, we could be looking at a significant move down, potentially towards 5130 or even lower. However, the right shoulder isn't fully formed yet, so it's still a bit early to call it. I'm also watching the RSI – it's currently at 39.8, indicating some bearish momentum, but it's not yet oversold. A break below the neckline with increasing volume would be a strong confirmation. I'm keeping my SL tight in case this pattern fails to materialize. It's all about risk management!