Gold price has formed a bearish pattern called bearish flag. Gold price has the potential to activate this bear flag if price breaks below $1,415-20 giving us a target of $1,400-$1,390. Bulls have lost control of the short-term trend.
Black line - major resistance trend line
Gold price has support at $1,420-15 and next at $1,400-$1,390. Resistance is at $1,431 abd bext at $1,453. Breaking below the $1,415 level the flag is enabled and more selling pressure should come targeting $1,400. If resistance breaks we should expect Gold price to move above $1,455. Medium-term trend remains bullish as price continues to make higher highs and higher lows.
