Gold Price Analysis: Bears seeking hourly downside extension
Gold is testing the bear's commitments at hourly resistance. Momentum reaches resistance and 10-SMA could come under pressure.
As per the prior analysis from the New York session, Gold Price Analysis: Monthly support being tested, bulls eye 38.2% Fibonacci retracement, in a closer analysis, there are prospects for a slight downside extension deeper into the monthly support area.
Gold Price Analysis: Monthly support being tested, bulls eye 38.2% Fibonacci retracement
Gold is moving lower in the monthly demand area. Bulls look to a 38.% Fibo retracement of the latest bearish impulse. The gold price has extended the downside at the start of the week printing a fresh cycle low to $1,676.91. The following is a top-down analysis that illustrates where the next bullish opportunity could come from as the downside stalls in the monthly demand zone.
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