Finally it seems that the bear flag is breaking down in gold's hourly chart. MACD crossed over.
The 1210 Zone will be tested again probably.
MARUBOZU candlestick in the breakdown.
... and hourly minimum
I would like to warn those who were using the RSI strategy in gold. It was working nicely till now. If gold breaks down and prints a strong and fast drawdown the RSI strategy will make loss. I would wait while it breaks below 1200 and start to use the RSI strategy from 1170-1180 $ from the oversold levels with a long.
We are back in the flag again...
This bull is not giving up easily.
Depends which do you think?
We had a bull flag and a bear flag.
The bull flag breaks to the upside
The bear flag breaks to the downside - in most of the cases.
I can't guarantee the follow through , though.