🥇 GOLD The "Flag" pattern after a hard fall

Gold on the daily timeframe is forming a false breakout and consolidating under the global resistance zone and the local timeframe is forming a pattern that could send the price even lower.

Senior Timeframe:
1) False breakout of the resistance and interest area
2) Consolidation formation below 1960
3) Closing of the daily candle near the daily low. The price does not roll back up, but forms a pre-breakdown consolidation.
4) Proceeding from the conditions, the bearish potential starts to appear.

Younger timeframe:
1) No pullback after a strong drop and testing the 1940 area
2) The price is approaching yesterday's low of 1935. A break through this area will form a bearish momentum
3) We also see the "Flag" pattern, which is a pattern for continuation of movement. Break through the support of the local channel will form a bearish reaction
4) It is necessary to look for an entrance point in the area of 1940-1939, 1935.
5) At the moment we consider bearish scenarios and signals for sales

On the market after a false breakdown, there is bearish potential. It is worth considering the levels and patterns for short trades.

Trade closed: stop reached