Gold is still trading in the channel that we defined days ago. I still expect more downside and potential test of 1,460. Most recently, I found bearish flag in creation on the 4H time-frame.
Yellow rectangle – Important support level
Down parallel line – Downward channel
Purple falling line – Expected path
Watch for potential selling opportunities if you see the breakout of the bear flag. MACD is still in the negative territory and there is potential for new momentum down on the oscillator. Selling opportunities are preferable with the target at 1.460. Resistance level is found at the price of 1.497. As long as the Gold is trading inside of the downward channel, I would watch for selling opportunities.
