Gold Price Analysis: Depressed below $1,700

Gold prices fail to extend the late-Friday recoveries.
100/200-HMAs, short-term falling trend line restrict immediate upside.
61.8% of Fibonacci retracement acts as nearby support.

Anil Panchal FXStreet

Gold prices drop to $1,698.40, intraday low of $1,697.80, amid the early Asian morning on Monday. In doing so, the yellow metal not only fails to cross 100-HMA and 200-HMA but also stays below a seven-day-old falling trend line.

As a result, sellers might be looking for 61.8% Fibonacci retracement of April 21-23 upside, near $1,691, as immediate support during the further downside.

Even if the MACD fails to remain strong below $1,691, $1,680 and Friday’s low near $1,670 could lure the bears.

Meanwhile, an upside clearance of 100 and 200-HMAs, respectively near $1,702 and $1,708, could escalate the recovery moves towards short-term resistance line, at $1,717 now.

In a case where the buyers manage to cross $1,717, $1,722 and $1,736 can offer intermediate halts during the bullion’s rise towards $1,739 and the previous month high near $1,748.

Gold hourly chart

Trend: Further weakness expected

additional important levels

Overview
Today last price	1700.21
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	1700.21

Trends
Daily SMA20	1694.54
Daily SMA50	1638.3
Daily SMA100	1592.94
Daily SMA200	1541.06

Levels
Previous Daily High	1705.82
Previous Daily Low	1670.72
Previous Weekly High	1728.71
Previous Weekly Low	1670.72
Previous Monthly High	1747.82
Previous Monthly Low	1568.46
Daily Fibonacci 38.2%	1692.41
Daily Fibonacci 61.8%	1684.13
Daily Pivot Point S1	1678.68
Daily Pivot Point S2	1657.15
Daily Pivot Point S3	1643.58
Daily Pivot Point R1	1713.78
Daily Pivot Point R2	1727.35
Daily Pivot Point R3	1748.88

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.

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