@michael6454 on XAUUSD | PriceONN Community

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M
michael6454 PRO newbie
XAUUSD Mar 5
Anyone else seeing a potential inverse head and shoulders forming on the hourly chart for XAUUSD? The right shoulder seems to be developing around the 5150-5155 level. I'm wondering if this could signal a bullish reversal. What are your thoughts on the validity of this pattern given the current market volatility?
XAUUSD

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michael6454 PRO newbie Mar 5
Update: I'm looking at the volume during the formation of the right shoulder, and it seems a bit weaker than ideal. Ideally, we'd want to see increasing volume as the right shoulder completes to confirm the pattern's strength. Also, the neckline is around 5170, so a break above that level would be a key confirmation signal. I'm thinking of waiting for a confirmed breakout above the neckline with decent volume before considering a long position. Maybe a small position to start just in case I'm wrong? Thoughts?
EURUSD 1.16281 +0.28%
GBPUSD 1.34403 +0.19%
USDJPY 159.93100 -0.07%
XAUUSD 4,462.61 +0.64%
XAGUSD 72.59 -0.14%
BTCUSD 61,650 -5.17%
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BRENT 97.39 -3.51%
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