Gold Prices Continue to Consolidate into a Bearish Pattern

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Price action in the precious metal remains mixed. In the medium-term outlook, the current consolidation near the 1850 level is likely to signal a bearish flag pattern.

But price action needs to post a strong close below the 1850 level to validate this pattern.

The Stochastics oscillator remains currently in the overbought level, keeping the bias somewhat mixed.

To the upside, a move from the 1850 level could see prices attempting to retest the 1911.50 level where resistance could once again form.

But if prices break down lower, then we could see a strong correction taking place.

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