Gold Price Analysis: Bears dominate below critical 15-min resistance

  • Gold has enjoyed weakness in US yields this week and is drawing to a close in bullish territory. 
  • There are, however, prospects of a break to the downside on the 15-min time frame. 

Gold is consolidating the recent weakness in both the US dollar and US yields. 

However, the price is testing critical hourly support while now below a key 15-min 10 and 21 EMA crossover, so there is something here for both the bulls and bears as illustrated in the following chart analysis:

1-hour chart

The price has made a 38.2% Fibonacci retracement and besides the support of the 10 EMA, there are prospects of a break to the downside on the next bearish close. 

That being said, the price can easily find form again considering the correction of the latest bullish impulse. 

15-min chart

As illustrated, the bears are testing the bull’s commitments at prior 15-min lows but the price is critically below the 10 and 21 bearish EMA crossover. 

“Source From Fxstreet”

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