Technical Analysis: Bearish flag on 4H keeps Gold sellers hopeful below $1,900
Gold prices nurse November 09 losses while portraying a short-term ascending trend channel afterward. The moves, considered together, print a bearish flag formation on the four-hour chart. However, a clear downside below $1,867.30 becomes necessary for the bears to enter the trade. Following that, the monthly low near $1,850 can offer intermediate halts ahead of dragging the quote to the September month's bottom surrounding $1,848. It should, however, be noted that any further weakness past-$1,848 will drag the bullion towards the early-July top near $1,818.
Meanwhile, the recent high close to $1,893 and the $1,900 round-figure guard the precious metal's short-term upside before highlighting the upper line of the flag, at $1,905 now. In a case where the quote crosses $1,905, the escalate recovery moves toward the October peak close to $1,930 and the monthly peak near $1,965 can lure the gold bulls.