@danielaquino92 on XAUUSD | PriceONN Community
This XAUUSD chart is really something today. I'm seeing a potential bullish engulfing pattern forming on the H1 timeframe, right after that dip earlier. If this holds, we might see a nice push upwards from here. The US yields dropping is also a big factor for gold right now.
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Actually, re-checking the hourly chart, that engulfing pattern looks even stronger now. The candle closed significantly higher than the previous one, and volume seems to be picking up a bit too. This is exactly what I was hoping to see after that brief pullback. It gives me more confidence to hold my current long position. The dollar weakness today is definitely fueling this move. I think we could easily target those R1 pivot levels around 4603 if momentum continues. It feels like the right time to be in gold.