A chart pattern that forms when a small black candlestick is followed by a large white candlestick that completely eclipses or "engulfs" the previous day's candlestick. The shadows or tails of the small candlestick are short, which enables the body of the large candlestick to cover the entire candlestick from the previous day.
As implied in its name, this trend suggests that the bulls have taken control of a security's price movement from the bears. This type of pattern usually accompanies a declining trend in a security, suggesting that a low or end to a security's decline has occurred.
The big picture, however, remains decidedly bearish as gold continues to print multi-year lows week after week. What gold bulls need to see first is a close above $1183 which was previous intermediate term support. From there, you would want to see a close above its 50 dma. Until this happens, be cautious about deploying more capital at these levels.
Like gold, silver is deeply oversold and due for a bounce. The action from last Friday is encouraging, but it is by no means the beginning of a new bull market. Keep your eye on those key technical levels I've mentioned and continue to be patient.