Gold Price Analysis: XAU/USD rises 0.25%, forming a bear flag on 15-min chart

Gold's 15-minute chart shows a bear flag pattern.
A breakdown will likely invite stronger selling pressure.

Omkar Godbole FXStreet Contributor

Gold is trading near $1,933 per ounce at press time, representing a 0.25% gain on the day.

The yellow metal’s recovery from the overnight low of $1,910 has taken the shape of an inverted or bearish flag pattern on the 15-min chart.

Flags usually accelerate preceding trends. As such, a deeper drop toward $1,900 could be seen if the lower end of the flag, currently at $1,925, is breached.

The bear flag would fail if the metal finds acceptance above $1,940.

15-min chart

Trend: Bearish

Technical levels

XAU/USD

Overview
Today last price	1934.6
Today Daily Change	5.06
Today Daily Change %	0.26
Today daily open	1929.54

Trends
Daily SMA20	1970.41
Daily SMA50	1880.36
Daily SMA100	1798.01
Daily SMA200	1676.09

Levels
Previous Daily High	1976.79
Previous Daily Low	1910.08
Previous Weekly High	2015.65
Previous Weekly Low	1911.64
Previous Monthly High	1984.8
Previous Monthly Low	1757.7
Daily Fibonacci 38.2%	1935.56
Daily Fibonacci 61.8%	1951.31
Daily Pivot Point S1	1900.82
Daily Pivot Point S2	1872.09
Daily Pivot Point S3	1834.11
Daily Pivot Point R1	1967.53
Daily Pivot Point R2	2005.51
Daily Pivot Point R3	2034.24

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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