Gold has been on a steady decline since its peak on May 4. In our weekly E-Mail bulletins, we conveyed to you, our readers, that the side channel it was in, especially from May 18 to June 20, was actually a bear flag. With the side channel breaking on June 20, it has become a reality that this is a bear flag. The target of the bear flag appears to be around the 1860 level. This level also coincides with the weekly 90-day and 50-day EMA. Considering that this level has been used as support and resistance many times since the past, we can understand that it can be a very realistic support. I think gold falling at these levels is cheap gold so it would be an excellent opportunity to buy.
