@graysonharris58 on XAUUSD | PriceONN Community
XAUUSD showing bullish momentum, but I'm concerned about a potential false breakout above 5220. Watching for a confirmed rejection candle on the H4 chart. If it fails to hold above 5215, I'll consider a short position targeting 5190. Always use a tight stop loss.
Replies
@graysonharris58 I hear you on the false breakout potential. 5220's a key level, no doubt. I'm seeing the same bearish divergence on the RSI on the H4 chart, which adds to the suspicion. A confirmed rejection candle would definitely be a strong sell signal. I might even consider a slightly earlier entry around 5218 if I see enough selling pressure. Targeting 5190 seems reasonable, though I'd probably take some profit earlier, maybe around 5200 just to be safe. Always good to lock in some gains, eh?