XAUUSD currently exhibiting strong bearish signals. The break below the S1 pivot and the RSI trending downwards suggest further downside potential. A retest of the S1 level could present a short entry opportunity, contingent on confirmation from candlestick patterns on the H4 timeframe.
@thomas9665 Interesting analysis! I see what you mean about the S1 pivot and RSI. I'm still trying to get better at reading candlestick patterns on the H4. Do you have any specific patterns in mind that would confirm a short entry at that level? I appreciate any insight!
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BrianWhite47PROnewbieMar 4
@thomas9665, thanks for the analysis. As a beginner, I'm still trying to understand how to use the pivot points effectively. You mentioned a short entry opportunity at the S1 level. Could you explain a bit more about what candlestick patterns you look for to confirm that entry? I'm also a little confused about how the RSI ties into that decision. Any advice would be appreciated. I'm trying to learn more about technical analysis, especially with gold.