XAU/USD Price Analysis: Bears in the driving seat at critical resistance
|- Gold meets critical resistance on the pullback.
- Bulls seeking a break of prior closing highs.
Gold prices have been consolidated since meeting the prior support after the break of the daily dynamic counter-trendline resistance.
The following illustrates the two scenarios from the daily perspective in a top-down analysis.
Monthly chart
The price is testing the monthly support and would be expected to move higher.
Weekly chart
If the price breaks the resistance, the wick would be expected to be filled in.
Daily charts
The bullish outlook comes to life above the current daily resisted, as illustrated in the chart above.
The bearish outlook will pick up momentum on a break of the prior lows and a fill of the wick.
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