- 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
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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