Search ForexCrunch
  • 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. 

Daily chart

Hourly chart

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.