XAUUSD (1204.17): Gold prices fell sharply on Tuesday as price action closed with a bearish engulfing candlestick. The declines are likely to extend price toward the 1197.50 support in the near term. The reversal comes amid the hidden bearish divergence. As long as price action is supported above 1197.50 gold prices could maintain the bullish outlook. However, a close below this support could send the precious metal’s price lower toward 1180.25.
