@hmitchell303 on XAUUSD | PriceONN Community
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Following up on the descending triangle discussion, I'm seeing something similar on the 1-hour chart for XAUUSD. It's not as clear as on H4, but there are definite lower highs being printed. The support seems to be holding around the 4975-4980 area, which is near the S2 pivot point. If this breaks, and given the overall bearish sentiment from the news about oil and the Fed, I think a significant drop could follow. I'm leaning towards waiting for a confirmed breakdown below that support before considering a short entry. It's crucial to see that break with increased volume to confirm it's not a fakeout.