Gold, Chart of the Week: XAU/USD bears ready to make their moves while below $2,000
- Gold price within the bear´s lair still.
- Bears seeking a break of key support zone.
As per the prior week´s pre-open Gold price analysis, Gold, Chart of the Week: XAU/USD bears eye a run to test $1,970, the Gold price has stayed in the hands of the bears and remains in the bear´s lair with a bias to the downside for the week ahead.
Gold prior analysis
(Daily chart)
(H4 chart)
As illustrated in the charts above, we had Gold price meeting support and the price was corrected. It was shown that so long as the Gold price stayed on the front side of the bearish trendline, the correction was going to struggle to maintain momentum and $1,970 would be eyed as the next key target for the bears.
Gold price updates
(Daily chart)
(H4 charts)
Gold price H1 chart
The bias is bullish for the open but bearish overall, while below $2,000.
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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.
