Last Monday (09.09) I analysed GOLD and the bearish engulfing pattern on weekly chart.
The layout of weekly candles suggested drops that occurred at the end of the week and the price had already fallen by 15$/oz.
When we analyse the Daily chart we can see that the price is currently on the upward trend line, and since the last two daily candles (the long top shade) have clearly rejected the price above 1502 $/oz, overcoming this line will be a signal to continue falling, supported by ongoing bearish divergence. Sellers can target level of 1440.
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