XAUUSD Bearish Engulfing 4-Hour Chart

Resistance: 1601.22 strong/1610.32 moderate/1623.77 minor Support: 1587.77 moderate/1578.67 minor/1565.22 minor XAUUSD has a bias for the sell-side. 4-Hour charts also have a Bearish Engulfing confirming market direction though proximity to a moderate support at 1587.77 suggests we should wait for a close below it before jumping short. The immediate target of any sell-off is 1578.67 break of which sees 1565.22.

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