- 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:
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.
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.