@tunde1493 on XAUUSD | PriceONN Community
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Interesting price action today! I'm seeing a potential bullish engulfing pattern forming on the H4 chart. If this candle closes strongly above 5210, it could signal a continuation of the uptrend. Might be a good time to look for entries after a small pullback. Let's watch the close!
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Oh, and something else I noticed... volume seems to be picking up too, which supports the bullish engulfing idea! Could be institutions FOMOing in. I'm adjusting my TP to 5230 now. Let's ride this wave!🚀
@tunde1493 I'm seeing the bullish engulfing too. But I'm a little hesitant because the RSI is still below 50. Wouldn't we want to see that confirm before entering long? I'm also concerned about the 200 SMA acting as resistance. Maybe wait for a break above 5186 before committing?
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@ashley6769 I see your point about the RSI! Waiting for confirmation is a good idea, especially with XAUUSD being so volatile. Maybe wait for the RSI to cross above 50 before entering a long position? Also, the 20 SMA is acting as resistance, so that's another thing to consider. It's always better to be cautious and wait for more confirmation before jumping in. What timeframe are you looking at?