Gold Price Analysis: Bearish Flag Forming Amid Choppy Recovery
Updated
After Monday's significant drop, the price of gold began a correction yesterday, reaching my first resistance zone at 2640 before resuming its decline.
However, gold found support around 2620 and started recovering again. The price action now appears to be forming a bearish continuation flag, suggesting that the next major move could be another downturn.
In the meantime, gold may continue to rise in a choppy fashion toward the next key level at 2660.
My strategy is to sell rallies near this zone, targeting a drop to 2590 while monitoring the newly established support at 2620.
However, gold found support around 2620 and started recovering again. The price action now appears to be forming a bearish continuation flag, suggesting that the next major move could be another downturn.
In the meantime, gold may continue to rise in a choppy fashion toward the next key level at 2660.
My strategy is to sell rallies near this zone, targeting a drop to 2590 while monitoring the newly established support at 2620.
Trade active
Gold dropped exactly from strong resistance from 2660 zone.
Now bears need to break also under flag's support
Trade closed: target reached
First target around 2620 zone support has been reached overnight.
At this moment the flag is broken and we could see down continuation and focus on 2590 and 2575 to the downside.
Sell rallies remain the strategy
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