Gold Prices: Bearish Engulfing Pattern Challenges Short-Term Uptrend
- Gold continues to face downward pressure after failing to break above the 20-day moving average for the sixth consecutive session. Tuesday’s price action formed a bearish engulfing candlestick, engulfing Monday’s body and closing in the lower half of the day’s range. This signals growing weakness, especially with a lower swing high now confirmed on the daily chart. Key support lies at $3,245–$3,247; a break below this zone could accelerate selling and signal a deeper correction. However, a bullish reversal remains possible if gold reclaims $3,366, breaking above both the 20-day MA and a short-term downtrend line. Until then, gold may continue to consolidate within a large bull pennant pattern, with a potential breakout expected in the coming weeks.
- Gold continues to face downward pressure after failing to break above the 20-day moving average for the sixth consecutive session. Tuesday’s price action formed a bearish engulfing candlestick, engulfing Monday’s body and closing in the lower half of the day’s range. This signals growing weakness, especially with a lower swing high now confirmed on the daily chart. Key support lies at $3,245–$3,247; a break below this zone could accelerate selling and signal a deeper correction. However, a bullish reversal remains possible if gold reclaims $3,366, breaking above both the 20-day MA and a short-term downtrend line. Until then, gold may continue to consolidate within a large bull pennant pattern, with a potential breakout expected in the coming weeks.
GOLDFXCC™ Leading Educational platform—whether you're just starting or an experienced trader, access knowledge and insights to refine your skills and achieve more.
➤ Telegram: t.me/+OYfvKDvM0w81MTJk
♛ Website: bio.site/goldfxcc.com
➤ Telegram: t.me/+OYfvKDvM0w81MTJk
♛ Website: bio.site/goldfxcc.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
GOLDFXCC™ Leading Educational platform—whether you're just starting or an experienced trader, access knowledge and insights to refine your skills and achieve more.
➤ Telegram: t.me/+OYfvKDvM0w81MTJk
♛ Website: bio.site/goldfxcc.com
➤ Telegram: t.me/+OYfvKDvM0w81MTJk
♛ Website: bio.site/goldfxcc.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.