The bear flag on the daily chart is weakening the medium-term outlook. The level to beat for bears is the 1550 support. Gold daily chart XAU/USD is trading in a bull trend above the main daily simple moving averages (SMAs). However, the metal broke below a bear flag weakening the outlook of XAU/USD in the medium term. Gold four-hour chart Bulls are attempting to form a base near the 1550 level and the 200 SMA on the four-hour chart. However, the market is debating whether to resume the main uptrend or extending the pullback down. The buyers would need a clear break above the 1570/75 resistance zone to establish a bullish bias. On the flip side, if the price fails to make any progress above the above-mentioned price zone, the metal could become vulnerable to bearish incursions. A break below the 1550 support could lead to 1540 and possible to 1525 if the bears gather momentum. Additional key levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NZD/USD struggles in a strong USD environment FX Street 2 years The bear flag on the daily chart is weakening the medium-term outlook. The level to beat for bears is the 1550 support. Gold daily chart XAU/USD is trading in a bull trend above the main daily simple moving averages (SMAs). However, the metal broke below a bear flag weakening the outlook of XAU/USD in the medium term. Gold four-hour chart Bulls are attempting to form a base near the 1550 level and the 200 SMA on the four-hour chart. However, the market is debating whether to resume the main uptrend or extending the pullback down. The… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
