#XAUUSD today
Trend
The chart shows a clear **uptrend** with a strong bullish candlestick pattern evident on 6th May. The price has risen steadily from around 3220 to the current level of 3366.02. However, the latest candlesticks show signs of some possible resistance forming at the level slightly above 3366.
Support can be observed at previous consolidation points around 3280.
Indicators
No specific indicators like RSI, MACD, or Moving Averages are visible on the chart image. Therefore, the analysis is based solely on price action and candlestick patterns.
Candlestick and Price Patterns
The recent candlestick pattern shows a strong upwards thrust, indicating bullish momentum. The last visible candlestick, however, appears to be a bearish candle following a large bullish one, resembling an emerging pattern of a potential **bearish engulfing**, which could signal a short-term reversal or pullback.
Signals
The emerging bearish engulfing pattern, combined with the resistance at 3366, suggests potential for a short-term correction. If the price holds below this resistance, a bearish scenario might develop. However, the uptrend is still the dominant trend, suggesting watching for buying opportunities on pullbacks.
+ 5,500 points
Resistance Test Short
Considering the resistance around 3366 and the potential bearish engulfing pattern, a sell position can be considered if the price tests this level and reverses.
Stop Loss
3,370.00
Take Profit
3,310.00
Sell
3,365.00