@ShadowFax89 on XAUUSD | PriceONN Community
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I'm observing a potential bear flag forming on the hourly chart. The recent consolidation after the initial drop suggests a continuation pattern. If we see a break below 5180, I anticipate further downside towards 5160. However, a sustained move above 5200 would invalidate the pattern.
Replies
@ShadowFax89 I'm seeing the same bear flag you mentioned, but I'm a bit cautious. The 5180 level has acted as support before, so a break below isn't guaranteed. I'd want to see strong volume and confirmation on the retest before committing to a short position. Otherwise, it could be a fakeout.
@ShadowFax89 I see your point about the bear flag on the hourly, and it's definitely a valid observation given the recent consolidation. However, I'm a bit hesitant to fully commit to a short position based on that alone. With the geopolitical tensions mentioned in the news, there's always a risk of a sudden spike upwards, which could easily invalidate a bear flag. I'd prefer to see a more decisive break below a significant support level, maybe around the 5000 mark, and confirm it with increased volume before considering a short entry. The S1 pivot at 4996 is also something to watch, if that breaks then it might confirm your pattern. Just my two cents as a beginner analyst.