Gold Price Analysis: Bears taking control, eye daily support
|- Gold is being capped in what could be a right-hand shoulder of H&S pattern.
- Eyes on daily support and bullish commitments and consolidation.
As per the prior analysis for the start of the week, Gold Price Analysis: XAU/USD daily support is important for the open, there is a compelling scenario taking shape on the 4-hour chart.
Daily support is a target in what will be a classic impulse, correction, impulse playbook which could potentially result in a bearish topping pattern on the 4-hour chart for the week ahead.
4-hour chart
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.