The Chart of the Week: Make or break time for gold prices

• Bulls seeking a break of daily resistance to open prospects of a firmer test of monthly resistance. 
• The 4-hour environment is ripe for a continuation higher and break of daily resistance. 

Gold prices have run into a wall of resistance which guards a significant continuation target in the correction of the fresh cycle lows.

The following is a top-down analysis that illustrates where the next trading opportunities could arise from a break out scenario.

Monthly chart

The monthly chart offers room to the prior support levels as a compelling bullish prospect on repeated downside failures. 

Weekly chart

The weekly chart illustrates a 50% mean reversion confluence with the monthly upside target. 

Daily chart

From a daily perspective, however, there is a wall of resistance that guards the upside targets.

4-hour chart

Meanwhile, the conditions are bullish for an upside continuation and break of the daily resistance.