Gold is on the verge of a correction to give rise to further bearish prospects. Bears will be seeking resistance to hold in a weekly bearish close. Gold prices have deteriorated in the US dollar’s relentless comeback as investors move away from stocks. The price of the dollar is correlated to gold, so it stands to reason that if the dollar is about to tail off its gains, then gold should find reprieve. The following is a top-down analysis of where the price is anticipated to travel between resistance and support structures, offering further opportunities to the downside. The opportunities will arise if the US dollar breaks higher on the monthly and daily charts as illustrated below. Monthly chart The monthly chart shows that the price has seen a heavy rejection fro the highest levels on record. The move has snapped four straight months of gains. Weekly chart The weekly chart is offering prospects of some further room to the downside. Daily chart However, the daily chart is meeting a prior low and a 78.6% Fibonacci retracement. If the US dollar now stalls, then this could be as about as far as gold will travel for the time being before an upside correction. Bears will be looking for a weekly close below the resistance structure to give rise to further downside opportunities. As it stands, the DXY could be about to correct the recent bullish leg and be set on the completion of a bullish 5-wave pattern: Monthly bullish DXY outlook 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 GBP/CAD Price Analysis: Choppy conditions at counter trendline resistance FX Street 2 years Gold is on the verge of a correction to give rise to further bearish prospects. Bears will be seeking resistance to hold in a weekly bearish close. Gold prices have deteriorated in the US dollar's relentless comeback as investors move away from stocks. The price of the dollar is correlated to gold, so it stands to reason that if the dollar is about to tail off its gains, then gold should find reprieve. The following is a top-down analysis of where the price is anticipated to travel between resistance and support structures, offering further opportunities to the downside. The opportunities will… 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.