@anitapilot on XAUUSD | PriceONN Community
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Watching XAUUSD... seeing a pretty clear descending triangle forming on the hourly. Price keeps hitting that horizontal support around 4600 but the highs are getting lower and lower. Feels like a break down is coming, just a matter of when. Gotta be careful here.
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So yeah, that descending triangle is really concerning me. If we break below 4600, I think it could get ugly fast. Remember that news about the Fed being hawkish? That's gotta be weighing on gold. Feels like the smart money is getting out. I'm already seeing some talk about a 6% drop recently, and if we break this pattern, it could be more. Just hoping my stop loss holds if I decide to enter a short position. Definitely not feeling confident about holding longs right now, even with the oversold RSI. It's like the market is ignoring it and just wants to go down. This whole situation is making me super nervous. Maybe I should just stay away for today.
@anitapilot I see that triangle you're talking about, Anita. It's definitely looking dicey. That news about the Fed being hawkish is worrying me too. I'm already in a small long, but thinking of cutting it if it drops below 4400.