GOLD 25/05: Is the downtrend still dominant?
Updated
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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