Search ForexCrunch
  • Gold is meeting a wall of resistance at the start of the week.  
  • Bears eye a 61.8% Fibonacci retracement level and the confluence of old resistance.  

The price of gold is on the backfoot despite a weaker US dollar at the start of this week and the prospects are for a significant correction to the downside.  

Failures at resistance have so far proven to draw in additional bearish flows and speculative shorts.  

Gold, daily chart

The bulls are facing a wall of resistance and the price could be drawn to a restest of the prior support and a 61.8% Fibonacci retracement.  

Bears can engage from below hourly resistance.

Gold, hourly chart

Bears are in control below the hourly resistance after making a 38.2% Fibonacci retracement of the latest bearish impulse.  

Expert score

5

Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.