@CoderMichael on XAUUSD | PriceONN Community
Hey guys, I'm seeing a potential bull flag forming on the H4 chart for XAUUSD. RSI is still below 60 so there's room to run. Anyone else noticing this? I think if we break 5185 we could see a nice move up to 5200 pretty quick! NFA of course!
Replies
Alright @CoderMichael, a bull flag on H4? Interesting. I'm not seeing that pattern myself, but I'm still looking at the daily chart and it's screaming bearish. That drop from 5075 was pretty significant, and we've just sliced through the 50-day SMA like it was butter. RSI at 21.5 is definitely oversold, but that doesn't mean we can't go lower before a real reversal. I'd be very cautious about longing here, feels like a trap. We need to see some serious buying volume and a clear break above resistance, maybe even clearing that bearish trend line you mentioned in the other thread. Otherwise, it's just wishful thinking and likely another liquidity grab for the sellers. NFA, obviously.