@jmoore733 on XAUUSD | PriceONN Community

Currently analyzing XAUUSD on the H4 timeframe. I'm observing a potential ascending triangle pattern forming, with the upper trendline coinciding with the R1 pivot around 5077.52. A successful breakout above this resistance could lead to a test of the R2 pivot at 5088.45. However, failure to break through could result in a retest of the lower trendline, which is currently near the 50-day SMA at 5002.98. I'll be monitoring volume during the next few H4 candles to confirm the validity of a breakout or breakdown. A stop-loss order should be placed accordingly. I am looking for confirmation of a continuation before entering a long position.