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  • 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.

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