FX.co ★ Short-term technical analysis on Gold for February 9th, 2023

Blue lines- bearish flag

Gold price is trading around $1,880. Price is gradually and slowly rising from the low of $1,860 after the sharp sell off. Price has formed an upward sloping channel but at the same time we also see a bearish flag pattern. Short-term support is found at $1,871. Short-term resistance is at $1,890. Gold price is making higher highs and higher lows in the near term. Upside momentum is not very strong. A break below $1,870 would be a bearish sign as it would activate the bearish flag pattern. Gold price remains vulnerable to more downside.