Spot Gold Prepares for Lower Prices

With recent dollar strength and treasury weakness, commodities are taking the hit. Here we have a classic bear flag in Gold A longer-term chart shows Gold in a large rectangular consolidation inside an ascending triangle (triangle on the weekly chart). A break of the bear flag should take price to the boundary of the larger rectangular consolidation, where price may proceed (probably after a partial rise) to fall to the boundary of the triangle, where I would expect it to reverse upwards, however, continuation of the downwards action is always possible.

Good trading and good luck!