Gold Price Analysis: Bears ready to pounce following key break of support

• XAU/USD bears are lurking at a critical level of resistance.
• Considerable downside prospects are exposed on a downside continuation. 

Gold is correcting from a significant area of support as pressures mount in general and the focus can be on an optimal shorting point as price meets a significant area of confluence.

The following illustrates where price meets a 38.2% Fibonacci retracement meeting prior support.

Hourly chart

15-min chart

According to the 15-min time frame, there are prospects of a meanwhile upside correction before heavy supply applies.