Gold is forming a bull flag above key support area.

Gold has spent the last couple of weeks consolidating its gains in what looks like a bull flag. As long as it is holding above the $1300 support / resistance area another push towards the 88.6% Fib at $1341 is a high probability scenario. We consider a daily close above $1316 to be a strong signal that the bullish scenario is in play.

Gold Bull Flag

Steve Voulgaridis