- Bulls have rallied into a supply zone on the daily chart.
- Gold is on the verge of a significant correction at this juncture.
The price of gold has been on full throttle to the upside but has run into a wall of resistance and the focus is now on a sizeable downside correction.
Daily chart
The daily support is a compelling target that can be monitored from a vantage point on the lower time frames, such as the hourly.
Hourly chart
The price is already in decline and could be expected to meet at least a 38.2% Fibo or a 50% mean reversion that has a confluence with the prior highs looking left.
At that juncture, a continuation to the upside can be expected.
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