Gold has been trading sideways at the price of 1,490.. There is the breakout of the bearish flag in the background and I do expect more downside. Potential levels to watch on the downside are set at 1,475 and 1,460.
Yellow rectangle – Major swing low and support
Parallel purple lines – Downward channel
Purple falling line – Expected path
I found broken bearish flag in the background based on the 4H time-frame and I do expect more downside yet to come. Support levels and downward targets to watch are set at the price of 1,475 and 1,460.
MACD reading is in negative territory, which is sign of the present selling pressure.\
