Gold Price Analysis: Something for both the bears and bulls

Gold bugs are losing their grip and focus is on the downside.

Bears can seek a full test of familiar Fibs and potentially take on confluence areas in a deeper retracement.

Gold prices are trapped between support and resistance but there is a bearish bias until a full test of at least the 38.2% Fibonacci retracement level.

The following is a top-down analysis that illustrates where there could be, first, a bullish opportunity in a healthy correction, to second, a subsequent downside extension. Monthly chart Bears seeking a fuller retracement, eye the 38.2% Fibo and a 50% mean reversion thereafter.At a stretch, the 61.8% Fibo has a confluence with prior resistance structure. Weekly chart The weekly chart shows that the price has been firmly rejected in the prior structure and marks a trendline resistance as well.Support holds and could equate to a meanwhile upside correction prior to the […]

Click here to view original web page at www.fxstreet.com

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.