Gold has broken below a bear-flag support zone
Gold prices have now moved below the bear flag that had been forming since mid-March, which leaves the metal in a more vulnerable technical position. The break also takes gold below support near $4,660, suggesting the recent consolidation phase may have resolved to the downside rather than acting as a base for a fresh push higher.
If that reading is correct, the move may mark the start of another leg lower rather than just a brief pause within the broader correction.
The next support sits around $4,400, with $3,850 beyond that
The next area to watch appears to be around $4,400, which may offer some near-term support and the potential for a period of consolidation. But if the bear flag is genuine and the selling pressure continues, the pattern could eventually point to a move towards the $3,850 region, which aligns with an important support area from late October.
That would make the current breakdown more than just a minor pullback, especially if price action fails to stabilise convincingly at the first downside target.
Source: TradingView, 29 April 2026
Momentum is weakening, but gold may pause before another move lower
Gold's relative strength index has also been trending down over recent sessions, which supports the view that upside momentum has been fading. The RSI is not yet in oversold territory, but at around 37 it suggests gold may first try to stabilise around the $4,400 area before any larger move develops.
