GOLD (XAUUSD): Detailed Daily Time Frame Analysis

Gold is officially in correction now.
Analysing a price action on a daily time frame,
we can see a valid bullish flag pattern.

A minor trend that we see within the boundaries of the flag
reflects a global overbought state of the market.

The upper boundary of the flag is a strong vertical resistance
that concentrates a selling interest.

An accurate signal of a resumption of a bullish trend will be
a breakout and a candle close above that.
A bullish wave will be expected at least to 3420 then.

Remember that we can not predict how long the market will
keep trading within the flag. Also, the market may easily
drop lower within that, updating the low.

If a correction continues below the low of a flag pole,
that may signify a global bearish reversal.
Of course, from a current geopolitical and economic perspective
it is a low-probability scenario.

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