Gold Price is back in the red zone on Monday after facing rejection below the $1,900-mark last Friday. XAU/USD eyes $1,850 yet again amid a potential bear flag, FXStreet’s Dhwani Mehta reports.
Potential bearish flag keeps XAU/USD’s downside favored
“Investors remain concerned about the global growth prospects, in the face of the central banks’ tightening, China’s extended lockdowns and fresh G7 sanctions on Russian oil. So long as the Treasury yields hold near multi-year highs, the odds for a sustained Gold Price recovery remain weak.”
“XAU/USD has carved out a bear flag on the daily chart. Daily closing below the rising trendline support at $1,868 will confirm the bearish continuation formation, opening floors for a fresh sell-off towards the $1,850 psychological barrier. The next key support awaits at $1,836, the horizontal 200-Daily Moving Average (DMA), below which a test of the $1,800 threshold will be inevitable.
“Acceptance above the rising trendline resistance at $1,895 on a daily closing basis is needed for any meaningful recovery. A sustained move above the latter will invalidate the bearish thesis for the time being. Gold bulls will then look to retest the intermittent tops around the $1,910 region, above which the critical $1,920 hurdle will come into play.”
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