As always DYOR,
I believe gold is forming a bear flag pattern, which typically signals a continuation of the previous downtrend. After a sharp drop, the price consolidated inside a rising parallel channel (marked with red dashed lines), characteristic of a bear flag. This channel lacks strong bullish momentum and follows a steep downward move, suggesting it's a corrective phase rather than a reversal. The price also failed to break above key resistance near 3,238.75 and is showing signs of rejection from the channel's upper boundary.
My projection targets a further decline toward 3,206.97, aligning with the flag's expected breakdown and continuation of the previous bearish leg.
I believe gold is forming a bear flag pattern, which typically signals a continuation of the previous downtrend. After a sharp drop, the price consolidated inside a rising parallel channel (marked with red dashed lines), characteristic of a bear flag. This channel lacks strong bullish momentum and follows a steep downward move, suggesting it's a corrective phase rather than a reversal. The price also failed to break above key resistance near 3,238.75 and is showing signs of rejection from the channel's upper boundary.
My projection targets a further decline toward 3,206.97, aligning with the flag's expected breakdown and continuation of the previous bearish leg.
Trade active
Note
Entry was at $3,232.72TP 1 (50%) at $3,224
Then moving SL to BE
Trade closed: target reached
Full TP, drop a boost if you caught the short.
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.
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.