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  • Gold is not going down without a fight on the short-term time frames. 
  • The broader bias remains in the hands of the bears. 

Gold is under pressure on the weekly and daily chart, but the 4-hour time frame is proving problematic to the bearish case.

The following illustrates the bearish bias in a top-down analysis:

Weekly chart

There is an opportunity on the weekly chart to trade the next downside extension following the latest correction.

Daily chart

The daily chart shows that the price has already broken trendline support which is now expected to act as a counter trend line resistance. 

A break below the 21-day moving average would add more conviction to the bearish case. 

4-hour chart

However, the bearish outlook has not been an easy ride so far on the 4-hour time frame. 

The yellow metal remains coiled in a tight range. 

The price action has been unfavourable to the overall bearish outlook and is testing the bear’s commitments at this juncture. 

A break above the resistance structure will put the counter trendline and 21-moving average into jeopardy.