@oscarmartin61 on XAUUSD | PriceONN Community
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I've been monitoring the XAUUSD chart closely during this London/NY overlap. The price action around the 4870 mark shows a series of bearish engulfing candles on the H4 chart. This suggests significant selling pressure is overwhelming any attempts at a recovery. Given the RSI is deep in oversold territory at 18.4, one might expect a bounce, but the momentum indicators are still pointing downwards, and the 50-day SMA at 4995 is now acting as strong resistance. I'm remaining skeptical of any immediate upside.