Additional downward pressure
On Thursday, the gold price confirmed a Bear Flag by closing the day below the rising trendline support at $1,871. The bearish continuation pattern has given gold sellers extra zeal as they challenge the critical 200 Moving Average at $1,855.
"The downside bias remains favorable, with a sustained move toward the January 5 low of $1,825 anticipated if the $1,850 support fails."
"Any recovery attempts will need to retake the bear flag support-turned-resistance at $1,871. The static resistance level at around $1,885 is the next stop for gold bulls."
On Thursday, the gold price confirmed a Bear Flag by closing the day below the rising trendline support at $1,871. The bearish continuation pattern has given gold sellers extra zeal as they challenge the critical 200 Moving Average at $1,855.
"The downside bias remains favorable, with a sustained move toward the January 5 low of $1,825 anticipated if the $1,850 support fails."
"Any recovery attempts will need to retake the bear flag support-turned-resistance at $1,871. The static resistance level at around $1,885 is the next stop for gold bulls."
Note
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🔥 USA ZERO SPREAD BROKER: forexn1.com/usa/
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.