Gold price remains weak and vulnerable to a move towards $1,300. Despite Dollar weakness, Gold price remains below $1,330 trading around the break out area of $1,326-30.
Purple lines - bullish channel
Blue lines - bear flag
Blue rectangle- target area
Gold price remains inside the medium-term bullish channel. Short-term price action looks like a bear flag is being formed. Support is at $1,321 and a break below this level will confirm the break down. Our short-term target is at $1,300. Resistance is found at $1,332. A break above this level could bring more bulls back in and push price to recent highs. Until then prices are vulnerable to the downside.The material has been provided by InstaForex Company - www.instaforex.com