Gold Price Analysis: Bearish Flag Forming Amid Choppy RecoveryAfter 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.
