Gold Price Analysis: Rejected above $1,710
|- Gold turns lower from the 200-hour average hurdle.
- The houly RSI is flashing a bearish signal alongside a Doji candle on the daily chart.
Gold is threatening to drop below $1,700 at press time, having faced rejection above the 200-hour average at $1,710 on Monday.
Notably,Monday's Doji-shaped candle suggests the bounce from Friday's low of $1,760 has ended. A similar sentiment is being echoed by the contracting triangle breakdown seen on the hourly chart relative strength index.
The metal risks falling to the lower end of the daily chart pennant at $1,673. A close below that would confirm a bearish reversal pattern on the daily chart. On the higher side, acceptance above Monday's high of $1,714 would expose the pennant resistance of $1,730. A close above that level would imply a continuation of the rally from the April low of $1,568.
Hourly chart
Trend: Bullish
Technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.