Gold is forming a picture perfect Bear Flag.
If this pattern breaks and triggers we have 2 downside targets.
The importance of analyzing this pattern is Gold encompasses much of the macro landscape in its price action.
If Gold is acting bearishly based off this pattern it could be foreshadowing a dollar strengthening.
It could also foreshadow perhaps a good jobloss claims number tomorrow that could force yields higher.
Whatever the catalyst may be, based off of this pattern were likely to see some additional weakness in the near term unless we break out of the bear flag upper range.
If this pattern breaks and triggers we have 2 downside targets.
The importance of analyzing this pattern is Gold encompasses much of the macro landscape in its price action.
If Gold is acting bearishly based off this pattern it could be foreshadowing a dollar strengthening.
It could also foreshadow perhaps a good jobloss claims number tomorrow that could force yields higher.
Whatever the catalyst may be, based off of this pattern were likely to see some additional weakness in the near term unless we break out of the bear flag upper range.