Gold (XAU/USD) Price Forecast: Bearish Flag May Trigger Second Leg Down | Metals Mine

  • Gold (XAU/USD) Price Forecast: Bearish Flag May Trigger Second Leg Down

    From fxempire.com

    Gold is set to complete its sixth day of forming a narrow consolidation pattern near support of the 20-day moving average. This drop in volatility followed a downside trigger of a rising wedge bearish pattern last Tuesday. That led to a sharp selloff to a seven-day low of $4,996. The low remains a key near-term support level since the following six days have traded tightly, within the range of the breakout day. A decisive continuation of the classic bearish pattern suggests a lower support area will likely be tested before the decline is complete. This behavior highlights how the market has shifted from the sharp ... (full story)

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