Gold - Flag formation on hourly
Resistance - $1246, $1253, $1263
Support - $1242-1240, $1234, $1230
Support - $1242-1240, $1234, $1230
- Gold's failure to take out daily 50-MA in Asia if followed by a bearish break from flag formation on the hourly chart would open doors for a drop to $1234 levels.
- On the higher side, an hourly closing above $1246 would mark bullish break from flg formation and signal continuation of the upmove.
- In such a case, resistance at $1253 could be put to tests and which if breached shall open doors for $1260-1263 levels.
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