Gold Price Analysis: Bulls come up for their last breaths?

Gold bulls taking the lead in the open and price moves to test resistance.
Key support holding thus far, bulls on track for 1,795 target.

Ross J Burland FXStreet

After making a -61.8% Fibonacci retracement of the prior daily correction's rage, the price has developed an overextended W-formation on the daily chart.

The price is testing the bottom of the supply zone and a correction in the week ahead could be on the cards.

Daily chart

There are prospects for a 50% mean reversion to prior resistance structure around 1,754.

The 4-hour chart shows the price has already started to correct:

However, the bulls have 1,795 on the radar and the price is holding the 4-hour support and 1-hour dynamic trendline in the open:

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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