Resistance: 1584.25 strong/1597.35 moderate/1611.75 minor

Support: 1569.85 moderate/1556.75 minor/1542.35 minor

Bearish Engulfing is just under the pivot point in GOLD Hourly charts, a moderate bearish pattern below a strong resistance. Given proximity to 1584.25, we can consider shorts under the said price with stops placed above the Pivot Point for a low risk-high reward trade. Immediate objective is 1569.85 then on to 1556.75 break of which gives us a run on the market.

Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To Look At Prices