@thomaswilson40 on XAUUSD | PriceONN Community

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thomaswilson40
Watching the action around 4695. We're seeing a potential bearish engulfing pattern forming on the H4 chart, right near that S2 pivot. If this candle closes below the previous one and we don't see immediate follow-through buying, it could signal further downside towards the 50 SMA.
XAUUSD

Replies (1)

thomaswilson40
thomaswilson40 PRO newbie Apr 27
Actually, thinking about that bearish engulfing, the RSI is sitting at 45.7, which isn't oversold by any means. So it does lend a bit more credibility to the pattern potentially playing out. If we see the MACD also cross bearishly on the H4, that would be a stronger signal to consider a short.
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