@linda1992 on XAUUSD | PriceONN Community
Actually, looking closer at the H4, I'm seeing a potential flag pattern forming after that initial drop. It's subtle, and volume is super low right now, so it could easily fail. But if it does break upwards, it might give us a decent move. The RSI is sitting right around 50, which isn't giving much away, but the 50 SMA is also acting as resistance around 4693. I'm hesitant to jump in though, feels like we need more confirmation from some of the news filtering through about that tokenized gold arbitrage and the CAD trade deficit. Those could be injecting some odd flows into gold.
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Hey @linda1992, I saw your comment about the H4 flag pattern. Honestly, I'm skeptical about anything forming on this low weekend volume. It's probably just noise. Remember last week when everyone was calling a breakout and then it just tanked? These patterns are great on paper, but in reality, it feels like the algos just wait for retail to stack up on one side and then smash it. I'm leaning towards the downside still, just waiting for Monday to see if the manipulators decide to gap it down. Keep an eye on those stops being hunted, that's my main strategy now.