Chart of the Week: Gold meets critical landmark
- Gold is at a crossroads as it meets critical structure.
- Bulls look for the confluence of the monthly 61.8% Fibos to support.
The price of gold has been under pressure of late and is testing a critical structure as illustrated in the following top-down analysis.
Monthly charts
The price is at a crossroads marked by the 61.8% Fibonacci of the prior bullish impulse and the 61.8% Fibo of the major bullish impulse.
Weekly chart
On an upside correction, the prospect of a bullish reverse head-and-shoulders is in the making.
Daily chart
The price has already been resisted at the 23.6% Fibo, although the 38.2% Fibo has a confluence of the structure higher up that would be expected to be tested if the support continues to hold.
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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.
