Gold Technical Analysis: Bearish continuation pattern sighted
|- Gold has created a large pennant pattern, the hourly chart shows.
- A downside break of the pennant would signal a resumption of the sell-off from the high of $1,326 has resumed and would open up downside towards $1,260 (pole height subtracted from breakdown price).
Hourly chart
Current Price: $1,295
Daily high: $1,296
Daily Low: $1,294
Trend: Bearish below $1,293 (pennant support)
R1: $1,303 (June 7 high)
R2: $1,307 (200-day MA)
R3: $1,313 (50-day MA)
Support
S1: $1,288 (June 1 low)
S2: $1,282 (May 21 low)
S3: $1,275 (100-week MA)
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