Gold – Flag and Pole formation on monthly chart
Prices failed to hold above Flag resistance and now appear on track to test monthly 50-MA level of $1318 levels.
Also note; the monthly 50-MA has topped out and is now moving lower…towards monthly 100-MA. Losses this month and in the next month could result in a bearish monthly 50-MA and 100-MA crossover. The bullish crossover must have happened in 2002.
Only a month end closing above flag resistance (bullish break) would signal continuation of the long term rally.
Also note; the monthly 50-MA has topped out and is now moving lower…towards monthly 100-MA. Losses this month and in the next month could result in a bearish monthly 50-MA and 100-MA crossover. The bullish crossover must have happened in 2002.
Only a month end closing above flag resistance (bullish break) would signal continuation of the long term rally.
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