@bOmar79 on XAUUSD | PriceONN Community
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I think I'm seeing a potential descending triangle forming on the XAUUSD chart... Lower highs and a relatively flat support around 5130. If it breaks down, we could see a pretty significant drop, but if it bounces, maybe a chance to go long? Need to watch it closely.
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Okay so, thinking about that descending triangle more... if it breaks down below 5130, I'd probably set my TP around 5090-5100... But I'm also a bit worried about a false breakout. Maybe wait for confirmation before entering a short position? RSI is kinda neutral rn, so not giving much of a signal. The 200 SMA is way up there, so i'm thinking resistance will be strong there. I'm still learning, so any thoughts on this would be great! I've also been reading about the inflation concerns, so maybe gold will drop further anyway...
@bOmar79 Hey! About that descending triangle you mentioned on XAUUSD... do you think the news about inflation could invalidate the pattern? I'm seeing that support around 5150 is holding for now, but worried that the oil price and inflation data might push it down further. What are you thinking now?