Gold Price Analysis – XAU/USD bears taking control, eyes on a breakout
- Gold bears taking control within the sideways channel.
- A break of $1,717 opens risk to a downside extension.
Gold prices are stuck in a sideways channel with failures both to the upside and downside. Meanwhile, there has been some progress by the bears within the channel and the bias is to the downside for a breakout.
Live market, daily chart
As can be seen, the price remains trapped, but there is a bearish bias within the channel as follows:
The latest bearish impulse has seen a correction to the 61.8% Fibonacci and beyond, although there are prospects of a downside extension at this juncture on a break of $1,717.