XAUUSD (1321.84): Gold prices formed a bearish engulfing candlestick pattern yesterday near the support level of 1324.72 which also marks the previous gap from September 1st. In the event that gold prices post a reversal, we can expect the nearterm gains to push the precious metal to test the 1345.87 highs which are also marked by the unfilled gap from 8th September. To the downside, a continuation could see gold prices falling to levels of 1300.00 support level.
