First for gold – Find gold in the flag formation

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Gold went into a bonho trend after its impressive rally from a seven-month low of 1,800 pushed the bar just above the 2,000-point mark. It seems that a consolidated force can be developed in Russia by flag formations, and moreover, that they have weight. Other encouraging signals are the 20-day simple moving average (SMA), which has moved above the long-term SMA, while the price itself has not met the upper Bollinger band. On the other hand, the RSI indicator has peaked in an overbought sign and is poised for further downward movement, while the MACD indicator has slipped below its red signal line, both of which point to an upcoming negative session. Given the changing technical signals, traders will look for a break above the triangle and level 2003, not shifting their attention to the bar of 2021, which could be a prerequisite for an impulse towards the 2050 resistance level. Above it, attention will turn to the record high of 2079 , its pekonn could test the psychological border of 2,100 or break through to 2,150. On the other side, sellers could appear under the triangle and at 1,980. In such a case, it could provide support along with the 20-day SMA at 1,962. A continuation down could then cross the level at 1,933 and the 200-day SMA, while a sharp decline could settle near the level at 1,909.

Author of the link: Tm Instaforex

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The article is in Czech

Tags: gold Find gold flag formation

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