Gold Price Analysis: Bears dominate below critical 15-min resistance
- Gold has enjoyed weakness in US yields this week and is drawing to a close in bullish territory.
- There are, however, prospects of a break to the downside on the 15-min time frame.
Gold is consolidating the recent weakness in both the US dollar and US yields.
However, the price is testing critical hourly support while now below a key 15-min 10 and 21 EMA crossover, so there is something here for both the bulls and bears as illustrated in the following chart analysis:
1-hour chart
The price has made a 38.2% Fibonacci retracement and besides the support of the 10 EMA, there are prospects of a break to the downside on the next bearish close.
That being said, the price can easily find form again considering the correction of the latest bullish impulse.
15-min chart
As illustrated, the bears are testing the bull's commitments at prior 15-min lows but the price is critically below the 10 and 21 bearish EMA crossover.
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.
