Gold Price Analysis: Something for both the bears and bulls

• Gold bugs are losing their grip and focus is on the downside. 
• Bears can seek a full test of familiar Fibs and potentially take on confluence areas in a deeper retracement. 

Gold prices are trapped between support and resistance but there is a bearish bias until a full test of at least the 38.2% Fibonacci retracement level. 

The following is a top-down analysis that illustrates where there could be, first, a bullish opportunity in a healthy correction, to second, a subsequent downside extension. 

Monthly chart

Bears seeking a fuller retracement, eye the 38.2% Fibo and a 50% mean reversion thereafter.

At a stretch, the 61.8% Fibo has a confluence with prior resistance structure. 

Weekly chart

The weekly chart shows that the price has been firmly rejected in the prior structure and marks a trendline resistance as well. 

Support holds and could equate to a meanwhile upside correction prior to the next bearish impulse. 

Daily chart

The bulls can target at least a 50% mean reversion to prior structure or a fuller retracement to the 61.8% Fibo.