Gold Price News and Forecast: XAU/USD forming a bear flag on 15-min chart
|Gold Price Forecast: XAU/USD returns to familiar range after Powell-led wild ride
Gold (XAU/USD) witnessed wild swings of around $65 in a matter of an hour on Thursday after the Federal Reserve (Fed) Chair Jerome Powell unleashed a new framework to tolerate inflation rising above 2% for short periods of time to ensure economic recovery and job creation. In a knee-jerk reaction, the US dollar was dumped across the board that drove gold to the highest in six-days at $1976.
Gold Price Analysis: XAU/USD rises 0.25%, forming a bear flag on 15-min chart
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.
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