Gold Technical Analysis: Flag breakout favors move above $1,300


Gold's previous three-hour candle closed at $1,296, confirming an upside break of the bull flag pattern - a bullish continuation which often ends up accelerating the preceding bullish move. As a result, the safe haven metal could rise to $1,310. 

A move above $1,300 would also establish a higher high, further reinforcing the bull view put forward by the flag breakout. 

The bullish case, however, would weaken if prices violate the higher low of $1,290 created yesterday. 

3-hour chart

Trend: Bullish

    1. R3 1304.27
    2. R2 1300.96
    3. R1 1297.22
  1. PP 1293.91
    1. S1 1290.17
    2. S2 1286.86
    3. S3 1283.12

 

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