@E_Taylor on XAUUSD | PriceONN Community
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Seeing a clear bearish engulfing candle forming on the 4-hour chart for XAUUSD right now. This happened right after that news about oil prices pushing gold down. It's a pretty strong signal, especially with the price failing to hold above the 50 SMA. I'm also noticing that the previous support level around 5005 seems to have broken with some decent displacement, which is a good sign for a continuation. I'm looking to enter a short position on the retest of this broken support, aiming for the S2 pivot around 5005. My stop loss will be placed just above the high of this engulfing candle, keeping it tight to manage risk in this volatile market.