- Gold (XAU) has charted a bear flag on the 15-min chart – a bearish continuation pattern – meaning a downside break would revive the sell-off from the high of $1,208.6 and allow a drop to $1,195.
- The yellow metal is more likely to break below the flag support of $1,202, having created a bearish outside-day reversal yesterday.
15-min Chart
Spot Rate: $1,204
Daily High: $1,205
Daily Low: $1,200
Trend: Bearish
R1: $1,204.59 (Aug. 3 Low)
R2: $1,214.30 (previous day’s high)
R3: $1,217 (Aug. 10 high)
Support
S1: $1,200 (psychological support)
S2: $1,1195 (200-hour MA)
S3: $1,182.90 (Aug. 24 low)
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