Bullish flag in Gold?

Gold price continues to slide lower but close and around the $1,780 level. Our expectations for a deeper pull back towards $1,755-45 have not been confirmed. Price however seems to have formed a bullish pattern that could lead to a strong upward move over the next few days.


Green lines - flag pole and bullish channel

Black lines - flag

Gold price is highly likely to have formed a bullish flag pattern as shown in the chart above. Resistance at $1,790-94 remains key and if bulls manage to break above this level we will have a bullish signal. Support is at $1,770. Breaking below this level will open the way for the pull back we were expecting towards $1,755-45. If the bull flag is activated, then Gold price will have target of $1,850.

The material has been provided by InstaForex Company - www.instaforex.com

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