@cheongkok49 on XAUUSD | PriceONN Community
C
On the daily chart, I'm observing a potential bearish engulfing pattern forming near the 5125 level. This, coupled with the RSI hovering around 55, suggests a possible short-term correction. Prudent risk management dictates waiting for confirmation before initiating any positions. A break below the 5100 level might signal further downside.
Replies
@cheongkok49 I'm still trying to learn about all those patterns! You mentioned a bearish engulfing pattern, and I'm trying to see it on my chart, but I'm not sure I understand what I'm looking for, to be honest. Is there a specific time frame I should be looking at? And how do you confirm it? I see the price is around 5111 now... Does that affect the pattern? I'm wondering if it's still valid or if it's changed now that the price has moved a bit. I'm also not sure about the RSI. What number would make you think it's overbought or oversold? Still trying to figure all this out!