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GOLD: 'Engulfing' led to decline

GOLD: 'Engulfing' led to decline

Information is not investment advice

The last bearish 'Engulfing' led to the current decline. The price has reached the lower 'Window', but there's no any reversal pattern so far. In this case, the market is likely going to continue falling down in the coming days. The next bearish target is the nearest support at 1260.20.

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On the H4, we can see that EUR/USD has found a temporary bottom in the 1.0770 area. The pair is now trading above the former short-term resistance line going down from March highs (1.0835).

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