GOLD ON WEEKLY BEARISH ENGULFING-WHAT SHOULD WE EXPECT?

In the past week the precious yellow metal, Gold experienced a strong bearish reaction from the bears.

A bearish engulfing pattern was ultimately formed to suggest what we could possibly be expecting during this week.

The chart below seems to have a message to this effect…

Gold on a Weekly Chart

So, from the above weekly chart for Gold we can see the white candle engulfing the previous week. With this kind of formation what should we expect?

Let us then check the 4Hours chart for the instrument and make our inferences…

Gold on 4Hours May 27-31

From the 4Hours chart, we see gold price below the 3 Moving Averages, and the Fibonacci Retracements tool showing us possible levels we can attempt some opportunities to enter trades during the week.

The above suggests selling around the 2387.70 price level at the 50% retracement.

I will suggest you make use of this information, and plan your trades for the week.

Connect with our team on Telegram for Trading signal updates and let us profit together during the last week of May.

The Pipsoclock Team wishes you a green pips profitable week!

Trade to Win!

Ifeanyi Uche