GOLD - Bear Flag Fake-out @ the 61.8 Fib, watch for move lower..
- As shown in the chart gold appears to be forming another Bear flag continuation pattern
- Price attempted to break out to the upside during the release of the US Retail Sale result which came in lower than expected
- The 61.8 Fib retrace of the previous bearish move appeared to have halted the move to the upside and acted as a turning point
- Price however then failed to keep the momentum and made a decisive move back inside the pattern
- Watch for price to make a move lower through the ascending trend support of the pattern to confirm further bearish momentum
- Price attempted to break out to the upside during the release of the US Retail Sale result which came in lower than expected
- The 61.8 Fib retrace of the previous bearish move appeared to have halted the move to the upside and acted as a turning point
- Price however then failed to keep the momentum and made a decisive move back inside the pattern
- Watch for price to make a move lower through the ascending trend support of the pattern to confirm further bearish momentum