GOLD Gold price is forming a Reversal Flag chart pattern on the four-hour scale, which is a trend continuation pattern where a prolonged consolidation will lead to a breakout. Gold price is hovering above the horizontal support drawn from the April 3 low at 1950$.The 20-period exponential moving average (EMA) at 1978$ is preventing Gold from any upside.
Meanwhile, the Relative Strength Index (RSI) (14) has slipped below 40.00, which suggests bearish momentum is warranted.
I expect it to return to the old high of this day last month at 1975$ and give us a nice selling point. And when it is in a downtrend, it will return to the zone of 1938$
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Note
There is no recovery momentum, will it return to 1935$
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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.