@MiaA26 on XAUUSD | PriceONN Community
Anyone else spotting that potential bull flag forming on the H4 chart for XAUUSD? Looks like we're consolidating above the 20 SMA, and if we get a clean break above 4660, I think we could see a nice move higher. Interested to hear if others are seeing this setup.
Replies
Wait, re-checking the intraday structure now, and it seems we're pushing up against that R1 pivot at 4668. That's actually a key level. If we can get sustained momentum and close above it, the bull flag idea gains more traction. But if we reject hard there, it could easily turn into another inducement play to trap longs before a move lower. So, a break of 4660 is good, but the real test is 4668-4670.
R
@MiaA26 Yeah, I see what you mean about the bull flag potential on H4. But honestly, that R1 pivot at 4668 is looking like a brick wall right now. Gold just can't seem to get any real momentum past it. I'd be cautious about a breakout until we see some serious volume and a clean candle close above it. Feels like a trap waiting to happen.