The sideways trend continues, the model signals a decline flag
Gold remains pegged below key resistance patterns, with a bearish flag suggesting lower price potential unless it rises above recent highs.
Gold remains stuck in its most reasonable course and is prone to a 5-day turnaround. Consolidation is taking place just below the resistance indicated by the purple 20-day MA, currently at the 2,330 level, and the 38.2% Fibonacci retracement at the 2,322 level. The 38.2% price area previously showed support and was massive in size. Furthermore, gold remains under a strong flag starting with a break below 2,320 last Tuesday. Since then, recent price action has done nothing to negate the possibility of a deeper retracement and lower prices represented by the breakout of the flag.
Support from the recent consolidation is at last week's low of 2,227. The next bearish signal will be indicated when the price falls below that price level. The minimum of the calculation standard for the bear flag is given as a minimum standard of 2.238. However, the orange 50-day MA has turned up as gold prices have consolidated. If it continues to consolidate for a while longer, the 50-day lead could join a slightly higher target between 2,261 and 2,255. If so, the opportunity price will increase. The 50-day line is currently at 2,246.
💵
XAUUSD SELL 2317-2320💵
✔️TP 2310
✔️TP 2305
❌SL 2326.5
💵XAUUSD BUY 2306 - 2304💵
✔️TP 2310
✔️TP 2320
❌SL 2298
Gold remains stuck in its most reasonable course and is prone to a 5-day turnaround. Consolidation is taking place just below the resistance indicated by the purple 20-day MA, currently at the 2,330 level, and the 38.2% Fibonacci retracement at the 2,322 level. The 38.2% price area previously showed support and was massive in size. Furthermore, gold remains under a strong flag starting with a break below 2,320 last Tuesday. Since then, recent price action has done nothing to negate the possibility of a deeper retracement and lower prices represented by the breakout of the flag.
Support from the recent consolidation is at last week's low of 2,227. The next bearish signal will be indicated when the price falls below that price level. The minimum of the calculation standard for the bear flag is given as a minimum standard of 2.238. However, the orange 50-day MA has turned up as gold prices have consolidated. If it continues to consolidate for a while longer, the 50-day lead could join a slightly higher target between 2,261 and 2,255. If so, the opportunity price will increase. The 50-day line is currently at 2,246.
💵
XAUUSD SELL 2317-2320💵✔️TP 2310
✔️TP 2305
❌SL 2326.5
💵
XAUUSD BUY 2306 - 2304💵✔️TP 2310
✔️TP 2320
❌SL 2298
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