Gold Price Analysis: XAU/USD rises 0.25%, forming a bear flag on 15-min chart

  • Gold’s 15-minute chart shows a bear flag pattern. 
  • A breakdown will likely invite stronger selling pressure.

Gold is trading near $1,933 per ounce at press time, representing a 0.25% gain on the day. 

The yellow metal’s recovery from the overnight low of $1,910 has taken the shape of an inverted or bearish flag pattern on the 15-min chart. 

Flags usually accelerate preceding trends. As such, a deeper drop toward $1,900 could be seen if the lower end of the flag, currently at $1,925, is breached. 

The bear flag would fail if the metal finds acceptance above $1,940. 

15-min chart

Trend: Bearish

Technical levels

 

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