- Gold bears seeking resistance to play its role and encourage selling.
- Bears can look to the hourly chart for a meanwhile opportunity.
The daily outlook is bearish towards the neckline support of the W-formation and the hourly chart is offering prospects of an entry point.
In the meantime, there is a short term opportunity emerging on the lower time frames.
Meanwhile, as illustrated, there is a 1:2 risk to reward opportunity if the price stalls here, breaks the support and pulls away following a restest of the structure, targeting a -0.272% Fibonacci retracement.
So, there is still some work to do before a high probability setup can be established.