XAU/USD is in the hands of the bears, but it could be a short-lived victory. The bulls are seeking a discount from a solid support. Gold is testing a critical area of support and the bears remain in control at this juncture. However, there is a probable cause for the upside on failures at a more solid area of demand and the following analysis illustrates just that. Daily chart The support is a solid structure that would be expected to hold and drive the price through the near term resistance. If the structure gives out, there is a compelling case for the downside to retest a more reliable area of demand. From a 4-hour perspective, Momentum is with the bears, and the price is pressured below the 21-EMA, but an upside correction to retest prior support is on the cards. 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 EUR/USD remains on track to post small daily gains, holds above 1.1900 FX Street 2 years XAU/USD is in the hands of the bears, but it could be a short-lived victory. The bulls are seeking a discount from a solid support. Gold is testing a critical area of support and the bears remain in control at this juncture. However, there is a probable cause for the upside on failures at a more solid area of demand and the following analysis illustrates just that. Daily chart The support is a solid structure that would be expected to hold and drive the price through the near term resistance. If the structure gives out, there is a compelling case… 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.
