Gold Price Analysis: XAU/USD bulls attempting to correct the bearish impulse
- Gold prices are attempting to correct higher following strong daily supply.
- The 4-hour environment is bullish while the price holds above support.
The price of the yellow metal has been under pressure of late and is attempting to correct the supply.
The following is an analysis of the daily chart that offers a bearish bias from a 61.8% Fibonacci retracement.
Daily chart
The price suffered a strong blow to the downside for which has been corrected twice.
The latest correction has met a 61.8% Fibonacci retracement.
This raises the prospects of a downside continuation.
4-hour chart
However, the bulls are above structure and the 20 moving average. Until the bears take out the support, the price can easily continue higher within the correction.
Reprinted from FXStreet，the copyright all reserved by the original author.
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