Gold Price Analysis: XAU/USD bears looking for a discount
|- Bulls have rallied into a supply zone on the daily chart.
- Gold is on the verge of a significant correction at this juncture.
The price of gold has been on full throttle to the upside but has run into a wall of resistance and the focus is now on a sizeable downside correction.
Daily chart
The daily support is a compelling target that can be monitored from a vantage point on the lower time frames, such as the hourly.
Hourly chart
The price is already in decline and could be expected to meet at least a 38.2% Fibo or a 50% mean reversion that has a confluence with the prior highs looking left.
At that juncture, a continuation to the upside can be expected.
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.