@oscarmartin61 on XAUUSD | PriceONN Community

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oscarmartin61 PRO newbie
XAUUSD Mar 18
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.
XAUUSD

Replies (1)

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freeStorm6 PRO newbie Mar 24
Hey @oscarmartin61, I saw your note about the bearish engulfing candles near 4870. I'm also watching this area, but honestly, with the recent news about tensions simmering in the Middle East, I'm not entirely convinced it's a simple bearish setup. Gold has a funny way of reacting to geopolitical uncertainty, sometimes it just ignores technicals and spikes on headlines. I'm seeing some support around the 4450-4460 level based on the pivots and the Bollinger bands, so a break below that might be more telling. Until then, I'm hesitant to commit to a strong short position. It could easily be a bull trap if it just bounces off the 4400 area.
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