Chart of the Week: Gold bears lurking at monthly resistance
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get all exclusive analysis, access our analysis and get Gold and signals alerts
Elevate your trading Journey.
UPGRADE- Gold is testing a key monthly dynamic resistance.
- Bears will be looking for a correction and bulls for a discount.
The price of gold is testing the commitments of the bears as the bulls move in on the monthly dynamic resistance within a descending channel.
This may leave a bearish bias for the week ahead and the following is a top-down analysis to illustrate the prospects of a significant correction.
Monthly chart
Failures at the dynamic resistance put the focus on the downside for the week ahead.
Weekly chart
Weekly resistance is compelling, and bears will focus on the 61.8% Fibo and confluence with the prior support looking left.
Daily chart
There is the scope for a deeper test of resistance, but the focus is on the downside for a significant correction to at least the 38.2% Fibo.
4-hour chart
The 4-hour chart is one to monitor in the open, considering the market structure and prospects of an upside continuation if the resistance can be broken.
- Gold is testing a key monthly dynamic resistance.
- Bears will be looking for a correction and bulls for a discount.
The price of gold is testing the commitments of the bears as the bulls move in on the monthly dynamic resistance within a descending channel.
This may leave a bearish bias for the week ahead and the following is a top-down analysis to illustrate the prospects of a significant correction.
Monthly chart
Failures at the dynamic resistance put the focus on the downside for the week ahead.
Weekly chart
Weekly resistance is compelling, and bears will focus on the 61.8% Fibo and confluence with the prior support looking left.
Daily chart
There is the scope for a deeper test of resistance, but the focus is on the downside for a significant correction to at least the 38.2% Fibo.
4-hour chart
The 4-hour chart is one to monitor in the open, considering the market structure and prospects of an upside continuation if the resistance can be broken.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.