Gold Price Analysis: Bear flag on 4-hour chart

Gold's 4-hour chart shows a bear flag pattern.
A breakdown would imply a continuation of the pullback from $1,740.

Omkar Godbole FXStreet Contributor

Gold's bounce from the April 28 low of $1,690 has taken the shape of a bearish continuation pattern called bear flag, according to the 4-hour chart.

At press time, the lower end of the flag is seen at $1,700 and the yellow metal is changing hands at $1,710 per ounce.

A break below $1,700 would confirm the flag breakdown – a resumption of the drop from the April 23 high of $1,739 – and create room for a slide to $1,651 (target as per the measured move method).

Alternatively, a move above $1,720 would invalidate the flag pattern.

4-hour chart

Trend: Bearish

Technical levels

XAU/USD

Overview
Today last price	1711.02
Today Daily Change	-2.22
Today Daily Change %	-0.13
Today daily open	1713.24

Trends
Daily SMA20	1685.41
Daily SMA50	1635.21
Daily SMA100	1588.52
Daily SMA200	1538.33

Levels
Previous Daily High	1717.96
Previous Daily Low	1698.06
Previous Weekly High	1739
Previous Weekly Low	1661.18
Previous Monthly High	1703.27
Previous Monthly Low	1451.3
Daily Fibonacci 38.2%	1710.36
Daily Fibonacci 61.8%	1705.66
Daily Pivot Point S1	1701.55
Daily Pivot Point S2	1689.85
Daily Pivot Point S3	1681.65
Daily Pivot Point R1	1721.45
Daily Pivot Point R2	1729.65
Daily Pivot Point R3	1741.35

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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