Gold bulls run out of steam at critical daily resistance. Gold bears back in charge below 4-hour resistance. As per the prior analysis at the start of the week, ‘The Chart of the Week: Gold on verge of significant correction’, and ‘Gold Price Analysis: Bulls come up for their last breaths?’, the price is showing signs of exhaustion on the top side of the supply zone at $1,790. Prior analysis, daily charts The daily chart has seen a bullish close, and there is room to go on the upside yet. With that being said, the prior highs looking left have a confluence with a 50% mean reversion of the last few sessions of bullish closes. A deeper 62% retracement will meet with the 21-day EMA and the neckline of the W-formation. Live market, daily & 4-hour charts There has been a strong rejection of the $1,790 area which reinforces the downside bias towards the old resistance area that would be expected to act as new support. There is now a perfect confluence with the 61.8% Fibonacci level as well. Crucially, from a 4-hour perspective, a new resistance structure has been formed: There are prospects of a retest of the resistance structure and a confluence of the 38.2% Fibonacci retracement of the recent bearish impulse. A restest and failure would be expected to act as a catalyst to the next downside leg towards the prior daily resistance. 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 NZD/USD Price Analysis: Bulls defending the 38.2% Fibo support FX Street 1 year Gold bulls run out of steam at critical daily resistance. Gold bears back in charge below 4-hour resistance. As per the prior analysis at the start of the week, 'The Chart of the Week: Gold on verge of significant correction', and 'Gold Price Analysis: Bulls come up for their last breaths?', the price is showing signs of exhaustion on the top side of the supply zone at $1,790. Prior analysis, daily charts The daily chart has seen a bullish close, and there is room to go on the upside yet. With that being said, the prior highs looking left… 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.