Gold Technical Analysis: Bull flag sighted on hourly chart

Gold has charted a bull flag - a continuation pattern - on the hourly chart.
A move above the upper edge of the flag, currently at $1,234.30, would signal a revival of the rally from the $1,212 and would open up upside toward $1,260 (target as per the measured height method).
That target looks perfectly achievable as the hourly RSI is no longer reporting overbought conditions and is aligned in a bull-friendly manner.
A downside break of the flag would imply the end of the recovery rally from the recent low of $1,212.

Omkar Godbole FXStreet Contributor

Hourly Chart

Trend: Bullish above $1,234

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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