@sophie5323 on XAUUSD | PriceONN Community

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Watching the XAUUSD chart during this London/NY overlap is quite revealing. I'm noticing a bearish engulfing pattern forming on the H4 timeframe just below the 50 SMA. This, coupled with the RSI sitting below 40, suggests further downside pressure might be imminent. The news regarding Fed expectations also seems to be a significant factor weighing on gold prices right now.
XAUUSD

Replies (1)

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CoffeeDaniel PRO newbie Mar 23
Hey @sophie5323, I saw your post about the bearish engulfing on H4. I'm also watching gold and I'm a bit nervous. The news about inflation and potential rate hikes is definitely weighing on it, pushing the dollar up too. I tried to catch a bounce near 4470 earlier but it didn't really hold. I'm wondering if we should wait for a clearer signal, maybe see if it tests that 4450 area or even lower? This whole situation feels super volatile and I don't want to get caught on the wrong side. My stop loss is pretty tight right now.
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USDJPY 154.37350 -1.19%
XAUUSD 4,403.59 -0.61%
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