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. Prior analysis, Weekly chart The weekly chart offers a target of confluence between the recent lows and a 38.2% Fibonacci retracement. Daily chart Meanwhile, however, if the price is rejected by near term resistance, there is the possibility of a deeper test into the monthly demand area. Live market, 1-hour chart Meanwhile, from a live market and hourly perspective, the price can continue lower on a break of the 10-SMA and recently cemented support. Momentum to the upside is meeting resistance which could result in a bearish environment for the bears to take advantage of. FX Street 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 Post By FX Street FXStreet News share Read Next AUD/USD: Fundamentals of high commodity prices will eventually push it higher – CBA FX Street 1 year 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. Prior analysis, Weekly chart The weekly chart offers a target of confluence between the recent lows and a 38.2% Fibonacci retracement. Daily chart Meanwhile, however, if the price is rejected by near term resistance, there is the possibility… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
