Gold Price Analysis: Buyers struggle to extend run-up beyond $1,700
- Gold again aims to break nine-day-old horizontal resistance.
- A three-week-old falling trend line adds to the upside barriers.
- A short-term support line, 200-bar SMA restrict immediate downside.
Gold prices maintain the retreat from the weekly top while taking rounds to $1,715 during Friday’s Asian session.
In doing so, the bullion registers another U-turn from a nine-day-old horizontal resistance, which in turn keeps sellers hopeful.
As a result, intraday bears are looking for entries below $1,700 to aim for a two-week-long support line, at $1,675. Though, 200-bar SMA near $1,672 could restrict the metal’s further downside.
Meanwhile, an upside clearance of $1,722/23 horizontal resistance isn’t a sure sign for the safe-haven’s run-up as a falling trend line from April 14, currently at $1,728, can check the buyers afterward.
Should buyers manage to cross $1,728, their run towards the previous month high surrounding $1,748 can’t be ruled out.
Gold four-hour chart
Trend: Pullback expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
