In the start of the week's pre-open analysis, Gold, Chart of the Week: XAU/USD trapping longs for a significant squeeze ahead of key red-hot events, it was noted that ''the Gold price rallied beyond the June 2022 and November 2021 highs triggering breakout traders, and those with wide stops remain in the money all the way into the old price imbalance (OPI).''
Gold price weekly chart
It went on to show that the Gold price ''major resistance (MR) could now be in play as per the weekly Doji left in last week's close. The Gold price 38.2% Fibonacci retracement level around $1,878 could be an attractive area for a pullback that coincides with the price imbalance (PI) below as well as a reasonable area for where stops are placed that have been trailed higher by those targeting the breakout above the $1,870s.''
Looking ahead, the Gold price bears need to below the current trendline support. Gold price major support (MS) is near $1,820 and $1,770. This meets the Gold price's 78.6% Fibonacci retracement.
If all of this were to play out over the coming weeks, the prior break of the Gold price structure, (BoS), around $1,670 could come back under pressure that guards against major downside correction in the Gold price.
Gold price H1 chart
Meanwhile, as for the current market action in Gold price, the pre-market analysis noted the prospects of a move higher for the initial balance of the week within a phase of consolidation as follows:
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