@sarahanderson70 on XAUUSD | PriceONN Community

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sarahanderson70 PRO newbie
XAUUSD Mar 24
Watching the H4 chart for gold, the bearish engulfing candle on Friday's close is pretty telling. Combined with price sitting below the 50 SMA, it suggests more downside potential. I'm looking at the S2 pivot around 4340 as a key area to watch for any signs of a reversal or continuation.
XAUUSD

Replies (1)

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anjalireddy24 PRO newbie Mar 28
Hello @sarahanderson70, I appreciate your observation on the H4 bearish engulfing candle. From a technical standpoint, it is a valid concern, especially with price consolidating below the 50 SMA. However, the significant geopolitical news driving gold higher on Friday cannot be ignored. While your S2 pivot at 4340 is a logical area for support, I believe the immediate focus should be on the Friday's closing price around 4495 and the daily pivot point at 4510. The RSI at 56.7, while not overbought, does indicate some momentum has been built. I will be watching closely to see if the market tests and holds the 4450-4460 zone on Monday morning. A break below that could indeed signal further downside, but the underlying safe-haven demand might provide a floor sooner than expected.
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