Gold Price Analysis: Gold bears seeking run to W's neckline

Gold bears seeking resistance to play its role and encourage selling.
Bears can look to the hourly chart for a meanwhile opportunity.

Ross J Burland FXStreet

The daily outlook is bearish towards the neckline support of the W-formation and the hourly chart is offering prospects of an entry point.

In the meantime, there is a short term opportunity emerging on the lower time frames.

Daily chart

Hourly chart

Meanwhile, as illustrated, there is a 1:2 risk to reward opportunity if the price stalls here, breaks the support and pulls away following a restest of the structure, targeting a -0.272% Fibonacci retracement.

So, there is still some work to do before a high probability setup can be established.

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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