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Gold Price Analysis: XAU/USD rises 0.25%, forming a bear flag on 15-min chart

  • 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

XAU/USD

Overview
Today last price1934.6
Today Daily Change5.06
Today Daily Change %0.26
Today daily open1929.54
 
Trends
Daily SMA201970.41
Daily SMA501880.36
Daily SMA1001798.01
Daily SMA2001676.09
 
Levels
Previous Daily High1976.79
Previous Daily Low1910.08
Previous Weekly High2015.65
Previous Weekly Low1911.64
Previous Monthly High1984.8
Previous Monthly Low1757.7
Daily Fibonacci 38.2%1935.56
Daily Fibonacci 61.8%1951.31
Daily Pivot Point S11900.82
Daily Pivot Point S21872.09
Daily Pivot Point S31834.11
Daily Pivot Point R11967.53
Daily Pivot Point R22005.51
Daily Pivot Point R32034.24

Author

Omkar Godbole

Omkar Godbole

FXStreet Contributor

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

More from Omkar Godbole
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