@david89 on XAUUSD | PriceONN Community

Hey @david89, I see what you mean about the descending triangle on H4. It's definitely a classic pattern. However, looking at the bigger picture, the 50-day SMA has already crossed below the 200-day, and the RSI is sitting at a pretty bearish 35. That suggests any breakout might lean bearish. I'm also noticing a bit of a FVG forming just above current prices, which could act as resistance if we do try to rally. I'd be cautious about going long on a breakout unless we see some serious displacement upwards and a convincing break of those moving averages. Might be a bull trap waiting to happen, NFA.