- Gold's 15-minute chart shows a bear flag pattern.
- A breakdown will likely invite stronger selling pressure.
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.
15-min chart
Trend: Bearish
Technical levels
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