Gold Price News and Forecast: XAU/USD bears back in charge below 4-hour resistance
|Gold Price Analysis: Top-side failures puts focus back to the $1,750's
As per the prior analysis at the start of the week, 'The Chart of the Week: Gold on verge of significant correction', and 'Gold Price Analysis: Bulls come up for their last breaths?', the price is showing signs of exhaustion on the top side of the supply zone at $1,790.
The next key level for Gold
Gold rallied last week toward the top of a down-trending channel that has been in force since prices peaked last summer. A breakout attempt in early January failed. The gold market subsequently slumped to a potential double-bottom low in March around $1,675/oz.
The $1,800 level now looms as a critical technical juncture. The recent bounce could either fail around there… or gather the strength to finally break out of the multi-month corrective phase.
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