FX.co ★ GOLD M5: Bearish Flag

The Bearish Flag pattern has been formed on GOLD at M5. The lower boundary of the pattern is located at 4839.03/4850.37 while the upper boundary lies at 4851.81/4863.15. The projection of the flagpole is 2174 points. This formation signals that the downward trend is most likely to continue. Therefore, if the level of 4839.03 is broken, the price will move further downwards.