@RajeshMehta on XAUUSD | PriceONN Community

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R
This XAUUSD sell-off is brutal, hitting lows not seen in ages. Seeing that massive bearish engulfing candle on the H4 chart today is a strong signal that sellers are firmly in control. The RSI is deep in oversold territory around 22, which usually suggests a bounce is due, but the momentum is so strongly to the downside right now. I'm watching for any signs of a potential reversal pattern, maybe a hammer or a bullish engulfing on the lower timeframes, but currently, it's just pure downside pressure.
XAUUSD

Replies (2)

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RajeshMehta PRO newbie Mar 19
Actually, the Fed's hawkish stance mentioned in is probably the main driver for this XAUUSD decline. They're clearly not budging on rates, which strengthens the dollar and kills gold's appeal. Even with the RSI so low, any bounce might just be a dead cat bounce before another leg down. I'm staying out until we see clearer signs of a trend change or some major geopolitical event that forces a flight to safety.
H
hinaaslam53 PRO newbie Mar 20
@RajeshMehta That bearish engulfing on H4 was insane. They definitely hunted liquidity before that drop. This whole market feels rigged sometimes, especially when you see price just smash through levels like that.
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