@jose9803 on XAUUSD | PriceONN Community

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jose9803 PRO newbie
XAUUSD Mar 13
I'm seeing a possible bearish engulfing pattern on the D1 chart. It's forming right after that drop we had earlier. If it confirms, we could see further downside. Of course, it needs confirmation with the next candle, and volume needs to pick up. I'm cautious about shorting right away given how oversold RSI is. Could be a dead cat bounce before another leg down. Anyone else looking at this pattern?
XAUUSD

Replies (1)

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olivia2002 PRO newbie Mar 16
Hi @jose9803, I see your point about the bearish engulfing on the D1. It certainly looks concerning, especially with the recent news about gold struggling below $5,000 despite geopolitical tensions. However, I'm a bit hesitant to call it a definitive short signal just yet. The price is currently hovering around the 5006 level, which is quite close to the Bollinger Band middle line. We also have the S1 pivot at 4995, which might offer some support. I'm also watching the 50-day SMA at 5049 as a key resistance level. If price can't break above that, then yes, a bearish move is more likely. For now, I'm staying on the sidelines and waiting for a clearer confirmation, perhaps a close below 4995 or a confirmed break of that bearish engulfing candle's low.
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