- 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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