Gold Price News and Forecast

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.

TECHNICAL ANALYSIS

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.

POPULAR GOLD BROKER LIST

AvaTrade

XTB

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OctaFX

FXCM

FP Markets

FXTM

Plus500

Tickmill

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