Gold price is forming an Inverted Flag chart pattern, a bearish trend-following pattern. The pattern formation is near the horizontal support plotted from December 13 high at $1,824.55 on a four-hour scale. The chart pattern indicates a sheer consolidation that is followed by a breakdown. Usually, the consolidation phase of the chart pattern serves as an inventory adjustment in which those participants initiate shorts, which prefer to enter an auction after establishing a bearish bias.
The 50-period Exponential Moving Average (EMA) at $1,844.00 is a major barricade for the Gold bulls.
Also, the Relative Strength Index (RSI) (14) has slipped into the bearish range of 20.00-40.00, which indicates more weakness ahead.
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