@joshua88 on XAUUSD | PriceONN Community

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.