Gold Price Forecast: XAU/USD bears are in the market but bulls step up

Gold price stalls on the offer and bulls are moving in.
Trendline resistance could come under pressure.

Ross J Burland FXStreet

As per the prior week´s analysis, Gold Price Forecast: XAU/USD bulls committed on the front side of the bull trend, whereby the bearish scenario played out, in-the-money longs were squeezed out:

Gold, prior analysis

Gold price updates

The Gold price has taken out longs towards the major trendline support that would be expected to hold on initial tests.

The price rallied on Friday and there could be some more left from the bulls for this week´s initial balance.

Resistance would be expected to hold, however.

Gold price H4 chart

The W-formation is a reversion pattern, so this is something to take note of.

Gold price H1 chart

The hourly impulse sees the price correcting back inside towards a major area of support.

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.

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