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Gold Forms Bearish Engulfing Bar | Feb 5th 0 comments
Hello Traders,
Quite an interesting day across the JPY pairs, and also precious metals. Gold just formed a bearish engulfing bar on the 4hr chart off the key resistance at $1685. Although it was engulfing a small pin bar, the selling on the day was far more impulsive than the buying, and this was after two pushes up, with the second one being quite strong (chart below).
(click to enlarge)
The wicks on both sides communicates strong presence with bulls and the bears, but the wick on the topside is larger which = more selling pressure than buying short term. If it fades, and we form a HL (higher low), then this is showing the precious metal is underpinned and will likely retest $1685.
A break below $1666.50 intraday will check to the buyers at $1661.
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