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Gold Price Analysis: Remains below key counter-trendline resistance NEWS | 54 minutes ago | By Ross J Burland

Gold is not going down without a fight on the short-term time frames.
The broader bias remains in the hands of the bears.
Gold is under pressure on the weekly and daily chart, but the 4-hour time frame is proving problematic to the bearish case.

The daily chart shows that the price has already broken trendline support which is now expected to act as a counter trend line resistance.

A break below the 21-day moving average would add more conviction to the bearish case.

However, the bearish outlook has not been an easy ride so far on the 4-hour time frame.

The yellow metal remains coiled in a tight range.

The price action has been unfavourable to the overall bearish outlook and is testing the bear’s commitments at this juncture.

A break above the resistance structure will put the counter trendline and 21-moving average into jeopardy.

Source from https://www.fxstreet.com/news/gold-price-analysis-remains-below-key-counter-trendline-resistance-202010270057

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