The Chart of the Week: Gold bears in anticipation of break of $1,805

Gold bears eyeing critical resistance in anticipation of next bearish leg.
$1,805 is where the bears need to get below.

Ross J Burland FXStreet

In an analysis last week, which paints a bearish outlook for the yellow metal, the price action has so far played out as follows:

Last week's analysis

Subsequent price action

The daily chart shows that the bulls have enjoyed some time in the driving seat until the expected resistance.

A rejection from the structure will now put the bears back in the driving seat for a test of $1,805 support.

An opportunity could be derived from here to catch the next bearish impulse that would target a 61.8% Fibo' retracement of the monthly bullish impulse:

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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