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.

Omkar Godbole FXStreet Contributor

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 price	1934.6
Today Daily Change	5.06
Today Daily Change %	0.26
Today daily open	1929.54

Trends
Daily SMA20	1970.41
Daily SMA50	1880.36
Daily SMA100	1798.01
Daily SMA200	1676.09

Levels
Previous Daily High	1976.79
Previous Daily Low	1910.08
Previous Weekly High	2015.65
Previous Weekly Low	1911.64
Previous Monthly High	1984.8
Previous Monthly Low	1757.7
Daily Fibonacci 38.2%	1935.56
Daily Fibonacci 61.8%	1951.31
Daily Pivot Point S1	1900.82
Daily Pivot Point S2	1872.09
Daily Pivot Point S3	1834.11
Daily Pivot Point R1	1967.53
Daily Pivot Point R2	2005.51
Daily Pivot Point R3	2034.24

Author

Omkar Godbole

FXStreet Contributor

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

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD falls toward 1.1700 on broad USD recovery

EUR/USD turns south and declines toward 1.1700 on Wednesday. The US Dollar gathers recovery momentum and forces the pair to stay on the back foor, as traders look to USD short-covering ahead of US inflation report on Thursday. However, the downside could be capped by hawkish ECB expectations.

GBP/USD trades deep in red below 1.3350 after soft UK inflation data

GBP/USD stays under strong selling pressure midweek and trades below 1.3350. The UK annual headline and core CPI rose by 3.2% each, missing estimates of 3.5% and 3.4%, respectively, reaffirming dovish BoE expectations and smashing the Pound Sterling across the board ahead of Thurday's BoE policy announcements.

Gold clings to moderate daily gains above $4,300

Following Tuesday's volatile action, Gold regains its traction on Wednesday and trades in positive territory above $4,300. While the buildup in the USD recovery momentum caps XAU/USD's upside, the cautious market stance helps the pair hold its ground.