Home Gold Price Analysis: Bears ready to pounce following key break of support

Gold Price Analysis: Bears ready to pounce following key break of support

Updated: 13 Apr. 2021 | 00:46

XAU/USD bears are lurking at a critical level of resistance.
Considerable downside prospects are exposed on a downside continuation.

Gold is correcting from a significant area of support as pressures mount in general and the focus can be on an optimal shorting point as price meets a significant area of confluence.

The following illustrates where price meets a 38.2% Fibonacci retracement meeting prior support.

Hourly chart

15-min chart

According to the 15-min time frame, there are prospects of a meanwhile upside correction before heavy supply applies.

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

View all posts by FX Street

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.