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: 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 USD/CNY fix: 6.5233 vs previous 6.5288 FX Street 2 years 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… 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.
