- Gold’s hourly chart shows a bull flag breakout – a bullish continuation pattern, which indicates the corrective rally from the recent low of $1,237 is set to gather steam.
- The flag breakout has opened the doors to $1,282 (target as per the measured height method).
- The pattern also validates last Tuesday’s bullish outside day candle and bullish crossover between the 5-day moving average (MA) and 10-day MA.
Hourly chart
Spot Rate: $1,258
Daily High: $1,258
Daily Low: $1,254
Trend: Bullish
R1: $1,261 (July 4 high)
R2: $1,274 (23.6% of recent sell-off)
R3: $1,282 (May 21 low)
Support
S1: $1,254 (session low)
S2: $1,244 (June 28 low)
S3: $1,237 (July 3 low)