Gold’s daily close below resistance, or old support, offers further conviction to the downside. There needs to be a restest of the structure from where bears can set up for a 1:2 risk to reward. Gold continues to move in accordance with the prior analysis in progress which can be delved into here: Gold Price Analysis: Bears below key support The following is a top-down analysis which illustrates where the opportunity lies in the current price action. Daily chart We have seen a daily close below resistance, or old support, which opens the prospects further for a run to the 61.8% target. 4-hour chart The 4-hour chart’s bearish head and shoulders show that the bears can take advantage of a sell limit order from the structure for a high probability trade setup with a 1:2 risk to reward. However, as explained fully in the prior analysis, there are long-term risks skewed to the upside from both a positioning, spot and technical standpoint. As for the US dollar, there could be a bottoming pattern in the making as follows: 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 China’s Nov data dump: Retail Sales miss estimates with 5.0%, Industrial Production steadies at 2.6% FX Street 2 years Gold's daily close below resistance, or old support, offers further conviction to the downside. There needs to be a restest of the structure from where bears can set up for a 1:2 risk to reward. Gold continues to move in accordance with the prior analysis in progress which can be delved into here: Gold Price Analysis: Bears below key support The following is a top-down analysis which illustrates where the opportunity lies in the current price action. Daily chart We have seen a daily close below resistance, or old support, which opens the prospects further for a run to the 61.8%… 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.