@brandon1091 on XAUUSD | PriceONN Community
Is anyone else seeing a potential descending triangle forming on XAUUSD on the H4 chart? The series of lower highs is concerning, and the flat base seems to be around the 5130 level. If that support breaks, what are your thoughts on the next significant level to watch? I'm curious about possible targets below 5100 if the pattern confirms.
Replies
A break above the upper trendline of the triangle would invalidate the pattern. Keeping a close eye on the volume to confirm any breakout.
Update: I'm also looking at the RSI divergence. It's not a clear signal yet, but the price is making lower lows while the RSI isn't confirming. This could mean the bearish momentum is weakening, possibly leading to a false breakout of the triangle. I'll wait for further confirmation before committing to a short position. Thoughts?