Will the Gold Flag Pattern Work?
According to the 4-ounce gold chart, the four-month downtrend began at $ 1,160 at $ 1,665. As a result, buyers dropped around the Rand rate, which resulted in a 5-month downtrend and five-month downtrend back to Fibonacci levels of 38.2%. But the 38.2% range at the $ 1,240 Rand rate prevented further corrective actions and pushed the market back to the 1212-1216 level of support for the 65th. In the previous report, the probability of moving the market up to a resistance of 1235 dollars (resistance 1233-25 to 1235) was pointed out that the market was exposed to purchasing pressure and the ounce of gold continued to return from support range to 1235 dollars. Recent price movements in the flagship graphing pattern have been limited.
On trading today, if the ounce of gold is backed by the $ 1,230 Rand rate, it could go back to the flagship. Since the flag pattern is a follow-up pattern, the flagship will break the flag with a new 1280-mile rally, up to half the height of the flag banner and eventually up to the entire height of the flag banner. The 38.2% Fibonacci range at 1240 Rand and the mid-range 1245 USD can be troublesome for buyers.
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In contrast, if the market passes under the support of $ 1,230, an ounce of gold could return to the pattern of the flag again. In the event of a failure of the flagship with an average midfire of $ 1,225, the gold price will fall to $ 1220 Rand and the protection range.