Additional downward pressure
On Thursday, the gold price confirmed a Bear Flag by closing the day below the rising trendline support at $1,871. The bearish continuation pattern has given gold sellers extra zeal as they challenge the critical 200 Moving Average at $1,855.
"The downside bias remains favorable, with a sustained move toward the January 5 low of $1,825 anticipated if the $1,850 support fails."
"Any recovery attempts will need to retake the bear flag support-turned-resistance at $1,871. The static resistance level at around $1,885 is the next stop for gold bulls."
On Thursday, the gold price confirmed a Bear Flag by closing the day below the rising trendline support at $1,871. The bearish continuation pattern has given gold sellers extra zeal as they challenge the critical 200 Moving Average at $1,855.
"The downside bias remains favorable, with a sustained move toward the January 5 low of $1,825 anticipated if the $1,850 support fails."
"Any recovery attempts will need to retake the bear flag support-turned-resistance at $1,871. The static resistance level at around $1,885 is the next stop for gold bulls."
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