Gold price remains weak and vulnerable to a move towards $1,300. Despite Dollar weakness, Gold price remains below $1,330 trading around the break out area of $1,326-30.
Blue lines - bear flag
Blue rectangle- target area
Gold price remains inside the medium-term bullish channel. Short-term price action looks like a bear flag is being formed. Support is at $1,321 and a break below this level will confirm the break down. Our short-term target is at $1,300. Resistance is found at $1,332. A break above this level could bring more bulls back in and push price to recent highs. Until then prices are vulnerable to the downside.
