@ngoziadekunle72 on XAUUSD | PriceONN Community
Is anyone else seeing a potential double top forming on the H4 chart for XAUUSD around this 5206 level??? I'm a bit unsure if it's a valid pattern since the RSI is still kinda high, but the price action is making me think twice about going long. What are your thoughts on this?
Replies
Okay so, I've been doing a little more digging on this possible double top... I think the volume isn't really confirming the pattern. It's not decreasing on the second top like it usually should be. Maybe it's just a minor pullback before another leg up? I'm still leaning towards bullish overall, considering the price is above the 200 SMA. Plus, gold has been trending up for a while now, so maybe this is just a good opportunity to buy the dip if it does drop a bit further. I might wait for a clearer signal before making any moves though. Patience is key, right?