@isuraya300 on XAUUSD | PriceONN Community
Watching XAUUSD overnight, I'm seeing a potential inverse head and shoulders on the M15 chart forming around this S2 pivot. Anyone else spotting this pattern? Could signal a short-term bounce if it plays out.
Replies
That inverse H&S I mentioned might be developing further. If price can break above the neckline around 4660 and hold it, that would be a good sign. The RSI is also starting to tick up slightly from those oversold levels, but still needs to clear 40 for more bullish confirmation.
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Hey @isuraya300, I saw your comment about the M15 inverse H&S. While I appreciate the observation, on the daily chart, the overall picture remains quite bearish. The price closed below the 200 SMA on Friday, and the RSI is sitting deep in oversold territory at 29. I'd be cautious about expecting a strong bounce solely based on a short-term pattern. Keep an eye on resistance around the 4660 level you mentioned, but also watch for a potential breakdown below Friday's low.
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Hey @ApexHunt78, I get what you're saying about the D1 chart and the bearish trend, that's undeniable. But you gotta look at the M15 for the immediate scalps, right? That inverse H&S is screaming short-term opportunity. I'm actually already in a small long position off that pattern, just testing the waters before I go full YOLO on a bounce. Let's see if it holds!