@aclark752 on XAUUSD | PriceONN Community
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Watching the XAUUSD chart, looks like we're forming a descending triangle on the H4. Lower highs and a flat base around 4610. Typically this signals a continuation of the bearish trend, especially with the RSI hovering below 40. A break below that 4600 support could trigger significant downside.
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And that 4600 support zone I mentioned, it's also aligning with the lower band of the Bollinger Bands. If price respects that, we might see a short-term bounce, but the overall structure still looks heavy.
@aclark752 Interesting take on the descending triangle on H4. I'm also looking at this whole situation with a bit of skepticism, especially after the surge past 4700 driven by that geopolitical stuff. While I see your point about the Bollinger Bands aligning with the 4600 support, the RSI is pretty neutral right now, not really screaming bearish continuation to me. We've seen prices get hammered down before only to snap back violently, especially when there's major news. I'm more inclined to watch for a potential breakout of this current range rather than just assuming the triangle will play out perfectly, given the volatility from the Middle East tensions. Smart money might be accumulating on these dips, not just selling off.
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Hey @aclark752, I'm kinda new to this, but I'm also watching gold and it feels like it's bouncing around a lot. That descending triangle you mentioned, I think I see it too but it's making me nervous. Is 4610 really a strong support or could it just break right through? 😥