Gold Price Analysis: Bears seeking a continuation below key daily support

• Gold prices are back under pressure and below a critical trendline on the daily chart. 
• The swing trading opportunities are caught up in the wash of volatility.
• A day trading strategy could offer an opportunity if price obeys market structure.

Gold prices have been in a chop, but reluctant to break higher beyond the mid-October highs, last printing a lower high on a daily basis and now breaking the below the daily trendline:

Meanwhile, the bears are looking into the lower time frames for opportunities to the downside.

1-hour chart

Here, we illustrate how the price has reached a 50% mean reversion of the bearing impulse on the 1-hour chart.

This does not mean that the price has completed its correction, however, it is a significant development and compelling nonetheless.

At this juncture, bears can start to monitor the price action for a possible continuation to the downside. 

15-min chart

From a 15-minute perspective, the price remains in the bullish territory until the MACD crosses below zero, (or another momentum indicator of choice), and the price crosses below the 21-moving average. 

At that point, bears can monitor for a sell limit order, expecting a pullback to test what was prior support for a discount and position in a presumed continuation to the downside.