Gold Price Analysis: Bulls stepping in at monthly support, target a 61.8% Fibo of weekly downtrend

• XAU/USD bulls are stepping in at a demand zone ina phase of accumulation.
• Bulls can target a weekly 61.8% Fibonacci retracement of the recent weekly bearish impulse. 

Gold prices are meeting a longterm demand area and the focus is on the upside. 

The following is a top-down analysis that illustrates where the next opportunity with the correction could come of a break of near term resistance. 

Monthly chart

The bears are challenging the bull's commitments at this juncture from the 21-SMA and confluence of old resistance. 

Weekly chart

From support, the price ca retrace to a 61.8% Fibonacci target. 

Daily chart

The daily chart is trapped between support and resistance, but on a break of the resistance, bulls can target a 50% mean reversion ahead of the weekly 61.8% Fibo target. 

4-hour chart

The 4-hour chart is strongly bullish, determined by Momentum over the zero line and the 8/21 SMA crossover.

1-hour chart

The price is in bullish territory determined by Momentum over the zero line and the 8/21 SMA crossover.

On a retest of the current support, the bulls can engage and target the upside towards $1,760.