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. 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 WTI Price Analysis: Bulls battle the key Fibonacci Retracement on the way to $64.00 FX Street 2 years 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… 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.
