@ryanmartin93 on XAUUSD | PriceONN Community
R
On the H4 chart, I'm noticing a potential bearish engulfing pattern forming near the 5200 level. If the current candle closes below the previous bullish candle's open, it could signal a reversal. This aligns with the news about gold stalling below 5200. A confirmed bearish engulfing pattern, combined with a break below the pivot point at 5176.74, might present a short opportunity. However, I'd want to see confirmation with increased volume and a weakening RSI before entering. Let's see what happens...