Gold Technical Analysis: Bull flag sighted on hourly chart
|- Gold has charted a bull flag - a continuation pattern - on the hourly chart.
- A move above the upper edge of the flag, currently at $1,234.30, would signal a revival of the rally from the $1,212 and would open up upside toward $1,260 (target as per the measured height method).
- That target looks perfectly achievable as the hourly RSI is no longer reporting overbought conditions and is aligned in a bull-friendly manner.
- A downside break of the flag would imply the end of the recovery rally from the recent low of $1,212.
Hourly Chart
Trend: Bullish above $1,234
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.