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  • Gold bulls taking the lead in the open and price moves to test resistance.
  • Key support holding thus far, bulls on track for 1,795 target.

After making  a -61.8% Fibonacci retracement of the prior daily correction’s rage, the price has developed an overextended W-formation on the daily chart.

The price is  testing the bottom of the supply zone and a correction in the week ahead could be on the cards.

Daily chart

There are prospects for a 50% mean reversion to prior resistance structure around 1,754.

The 4-hour chart shows the price has already started to correct:

However, the bulls have 1,795 on the radar and the price is holding the 4-hour support and 1-hour dynamic trendline in the open:

 

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5

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