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27.01.202118:00 Forex Analysis & Reviews: Gold battle around $1,850 continues

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Gold price is trading around $1,850. In our previous analysis we noted how important pivot level is found around $1,850. Price has broken the short-term support trend line and looks vulnerable to a move lower.

Red line - support

Gold price is trading below $1,850. Gold bulls need to recapture this level and if possible to move price above the red trend line resistance again. Otherwise there are increased chances of a move lower towards $1,800.

Blue lines - bearish flag

Red line - RSI support

Gold price has most probably formed a bearish flag pattern. If price moves below $1,830 there will be a bearish break down. This could give us a target near $1,750-30. So bulls need to be very cautious if price remains weak and pushes below short-term lows.

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