@RajeshMehta - XAUUSD | PriceONN Topluluk
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This XAUUSD sell-off is brutal, hitting lows not seen in ages. Seeing that massive bearish engulfing candle on the H4 chart today is a strong signal that sellers are firmly in control. The RSI is deep in oversold territory around 22, which usually suggests a bounce is due, but the momentum is so strongly to the downside right now. I'm watching for any signs of a potential reversal pattern, maybe a hammer or a bullish engulfing on the lower timeframes, but currently, it's just pure downside pressure.