Earlier in Wednesday’s session gold fell briefly below Monday’s low of 2,285 before finding support around 2,282 and bouncing. A bearish breakdown from a flag pattern triggered yesterday with gold closing below an earlier swing low at 2,291 thereby confirming the breakdown. It remains to be seen whether gold can hold on to today’s advance, which has tested Monday’s low as resistance. The breakdown trigger for the bear flag was also at that low. This is typical behavior in a bearish environment. As the price of gold begins to trend down prior support levels are tested as resistance. Unless there is an advance above ... (full story)