Gold price remains inside a two-week-old bearish chart pattern as sellers attack the confirmation level surrounding $1,750. Adding strength to the flag’s support is the 50-HMA level and steady RSI (14).
In a case where the quote drops below $1,750, the theoretical slump towards the yearly low near $1,680 could avail the monthly bottom of $1,727 and the $1,700 threshold as intermediate halts.
Meanwhile, recovery moves could aim for the flag’s upper line, around $1,771 by the press time, before aiming for the monthly high near $1,808.
Overall, gold prices are likely to remain pressured but a confirmation from the $1,750 support becomes necessary to convince bears.
In a case where the quote drops below $1,750, the theoretical slump towards the yearly low near $1,680 could avail the monthly bottom of $1,727 and the $1,700 threshold as intermediate halts.
Meanwhile, recovery moves could aim for the flag’s upper line, around $1,771 by the press time, before aiming for the monthly high near $1,808.
Overall, gold prices are likely to remain pressured but a confirmation from the $1,750 support becomes necessary to convince bears.