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Gold – Flag pattern on daily chart, rising trend line intact

FX:XAUUSD   Gold / U.S. Dollar
Resistance -$1284, $1288, $1295-1300

Support – $1263, $1253, $1243

  • At $1277/Oz, the metal is trapped between flag resistance at 1284 and rising trend line support at $1263 levels.
  • Failure to take out 1284 followed by a drop below Asian session low of $1272 would expose rising trend line support a $1263, under which losses could be extended to 1253 (23.6% of Sep 2011 high-Dec 2015 low).
  • However, a rebound from weekly 5-MA of 1273 seen in Asia is more likely to end up breaching flag resistance at 1284, thereby making way for a rise to 1288-1295 levels.
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