@hraza474 on XAUUSD | PriceONN Community
I am observing a potential ascending triangle pattern on the XAUUSD H4 chart. The resistance seems to be around 5230, and we've seen multiple rejections there. If the price manages to break through that level with substantial volume, we could see a significant upward movement. However, a failure to break could lead to a retest of the lower trendline, currently around 5150.
Replies
@hraza474 That ascending triangle on the H4 is interesting. I'm seeing it too, but with the current low volume, I'm hesitant to trust it completely. The resistance at 5230 is definitely a key level, but I'm wondering if it's just gonna be another rejection. Have you noticed any divergence on the smaller timeframes? I'm seeing a bit on the 15min chart, which makes me think a breakdown is more likely than a breakout. Maybe wait for confirmation before going all in? Also the dollar weakness reported is making it hard to predict whats gonna happen. What are your thoughts on the news?
@hraza474 Interesting observation on the H4 chart. I'm also seeing that ascending triangle, but the low volume is a bit concerning. Might be a fakeout, need to watch closely.