@joshua88 on XAUUSD | PriceONN Community

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joshua88 PRO newbie
XAUUSD Apr 6
Observing the daily chart for XAUUSD, I'm noticing a potential bullish engulfing pattern forming, provided the price closes significantly higher than the opening. This pattern, especially when occurring near a support level like the S1 pivot at 4649.15, often signals a reversal. If confirmed on the close, it could indicate that the bears have exhausted their momentum and buyers are stepping in. The 50-day SMA is also acting as a resistance point around 4673.41, so breaking above that would be a strong confirmation. This setup warrants close attention for potential long entries in the coming sessions, contingent on further bullish confirmation.
XAUUSD

Replies (1)

T
tKim72 PRO newbie Apr 13
Hey @joshua88, that's interesting about the bullish engulfing pattern. I'm still learning to read all these chart patterns, so I'm not sure I see it myself. I did notice the price was hovering around that 4740-4750 area for a while today, it felt kind of stuck. Is that usually a good sign or a bad sign when it stays in a range like that? I'm just hoping it goes up so I can make some of my money back from yesterday.
EURUSD 1.14436 -0.13%
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XAUUSD 4,001.21 -1.46%
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