- Gold gains ground in Asia as the US 10-year yield extends overnight drop.
- The metal looks to be charting a bear flag downside continuation pattern.
Gold is currently trading near $1,860 per ounce, representing a 0.37% gain on the day.
The bounce from Monday's one-month low of $1,816 has taken the shape of a bear flag pattern on the 4-hour chart. A bear flag is a pause that often refreshes lower, recharging bears' engines for a more profound decline.
A move below the lower end of the flag, currently at $1,840, would confirm a breakdown and imply a continuation of the decline from the Jan. 6 high of $1,959. The immediate support is seen at $1,816 ad $1,800.
A convincing move above the hourly chart resistance of $1,870 would invalidate the bearish setup.
|Today last price||1859.88|
|Today Daily Change||3.96|
|Today Daily Change %||0.21|
|Today daily open||1855.92|
|Previous Daily High||1863.83|
|Previous Daily Low||1836.74|
|Previous Weekly High||1959.42|
|Previous Weekly Low||1828.27|
|Previous Monthly High||1906.87|
|Previous Monthly Low||1775.52|
|Daily Fibonacci 38.2%||1853.48|
|Daily Fibonacci 61.8%||1847.09|
|Daily Pivot Point S1||1840.5|
|Daily Pivot Point S2||1825.07|
|Daily Pivot Point S3||1813.41|
|Daily Pivot Point R1||1867.59|
|Daily Pivot Point R2||1879.25|
|Daily Pivot Point R3||1894.68|
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