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.

Ross J Burland FXStreet

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.

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