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Forex Price Action – Gold Forms Bearish Engulfing Bar | Feb 5th
Today Gold ended the London session by forming a bearish engulfing bar on the 4hr chart. It should be noted the actual bar which was engulfed was a small pin bar. However, when you analyze the bearish engulfing bar, you will see the selling on the day was far more impulsive than the buying with the topside wick being far larger than the downside.
Now the key will be to see if it forms an HL (higher low), which would be in a series, thus suggesting an upside breakout soon. A break below $1666.50 intraday will check to the buyers at $1661, while a break above $1685 puts $1695 in focus.
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Make sure to check out my latest article End of A Trading Day/Week – What Are You Doing?
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