Gold Price Analysis: XAU/USD bears looking for a discount

• Bulls have rallied into a supply zone on the daily chart.
• Gold is on the verge of a significant correction at this juncture.

The price of gold has been on full throttle to the upside but has run into a wall of resistance and the focus is now on a sizeable downside correction. 

Daily chart

The daily support is a compelling target that can be monitored from a vantage point on the lower time frames, such as the hourly. 

Hourly chart

The price is already in decline and could be expected to meet at least a 38.2% Fibo or a 50% mean reversion that has a confluence with the prior highs looking left. 

At that juncture, a continuation to the upside can be expected.