@EmilyTaylor on XAUUSD | PriceONN Community
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Anyone else spotting a potential inverse H&S forming on the 15m chart for gold? Looks like it's setting up for a nice bounce if it plays out, maybe aiming for that 4500 level again. Gotta watch for that liquidity grab though, always a risk.
Replies
Hey @EmilyTaylor, I see what you're looking at on the 15m. That inverse H&S pattern is there, but I'm a bit skeptical about it playing out cleanly. The 4500 level is key, yes, but we also have the 200 SMA hovering just above at 4547. That's a strong resistance zone. Also, the recent news about Iran and potential ECB hikes could inject some serious volatility. I'd be more inclined to wait for a clear break above the 50 SMA and maybe even R1 before considering a long position. Gotta be careful about faking out beginners with those smaller timeframes.