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Gold Price Analysis: Flag breakout suggests scope for a rise to $1,562

  • Gold's daily line chart is reporting a flag breakout. 
  • The pair could revisit resistances at $1,562 and $1,573. 

Gold is again looking north and could challenge resistance at $1,562.

The yellow metal 0.64% and closed at $1,556 on Wednesday, confirming a bull flag breakout on the daily line chart.

The pattern indicates the pullback from recent highs has ended and the rally from lows below $1,450 observed in December has resumed.

The flag breakout has opened the doors for a convincing move above the recent closing high of $1,573. However, on the way higher, the yellow metal will encounter resistance at $1,562 (Jan. 10 close).

At press time, the yellow metal is trading at $1,556 per Oz. 

Daily chart

Trend: Bullish

Technical levels

 

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