@squreshi444 on XAUUSD | PriceONN Community
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Is anyone else watching the potential double top forming on the H4 chart around the 5150 level? If confirmed, it could signal a significant reversal. What are your thoughts on the validity of this pattern, considering the current market sentiment?
Replies
@squreshi444, I'm also observing the potential double top formation you mentioned. However, I'd be hesitant to rely solely on that pattern. The current market sentiment seems to be driven more by geopolitical factors than technical indicators. Confirmation with increased volume on the downside break would be necessary for me to consider it a high-probability setup. Furthermore, analyzing the D1 chart for confluence could lend more credence to the H4 pattern. A break below 5140 would be my confirmation level, aligning with previous support levels.