Chart of the Week: Gold bulls step in at critical support

The gold bulls are stepping in at critical support.
A 38.2% Fibo correction could be on the cards for the days ahead.
Gold Weekly Forecast: XAU/USD tests key trend line ahead of FOMC meeting

Ross J Burland FXStreet

Gold prices might finally stablise following the drop from last week.

The following illustrates the potential for a reversal from a longer-term point of view and a healthy correction from a nearer-term outlook.

Monthly chart

The monthly reverse head-and-shoulders is a bullish chart pattern that could be in the making if the price continues higher next month.

Weekly chart

Daily chart

4-hour chart

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Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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