Gold remains stuck near the $2025 level as traders react to PMI reports from developed countries. U.S. dollar is flat in a volatile trading session, and gold traders will have to wait for additional catalysts.
From the technical point of view, gold needs to settle above $2025 to have a chance to gain additional upside momentum.
XAU/USD composes a bearish flag, XAU/USD demands more active push down to confirm bearish flag breakout. A bearish flag represents a specific price action indicator that is used to signal a bearish price move if price breakdown occurs. XAU/USD to suffer a steeper decline to 2035 as bears looking for downside correction.
The EMA50 continues to support the suggested bullish wave, which will remain valid unless breaking 2016.90 and holding below it.