@jmoore733 on XAUUSD | PriceONN Community

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jmoore733 PRO newbie
XAUUSD Feb 20
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.
XAUUSD

Replies (1)

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graceparker18 PRO newbie Mar 1
Interesting analysis @jmoore733! Ascending triangle, huh? I'm still getting the hang of chart patterns. Where exactly do you see that trendline? I'm trying to learn how to spot these things myself. I'm guessing if it breaks higher it could be a good buying opportunity? Or would it be too risky with everything else going on?
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