@jgreen269 on XAUUSD | PriceONN Community

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jgreen269
Given the current consolidation around the 4000 mark, what are your expectations for XAUUSD in the coming week? I'm curious to hear different perspectives on potential breakout directions.
XAUUSD

Replies (2)

J
joseph1987 PRO newbie Feb 16
@jgreen269 I think a breakout is definitely on the cards soon! Given the descending triangle forming on the H4 chart, I'm leaning towards a bearish breakout. Watch for confirmation below 4970, then we could see a pretty significant drop. But if it breaks upwards past 5010, then forget everything I just said haha!
R
RedStone43 PRO newbie Feb 17
Hello @jgreen269, regarding your question about XAUUSD's direction, I'm also trying to figure out the next move. Considering the RSI is now bearish, sitting around 31, it suggests further downside. However, I'm unsure how reliable RSI is on its own. Do you typically combine it with other indicators for confirmation?
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