Gold Price Analysis: Probes weekly resistance trendline above $1,700
- Gold prices pause after the previous day’s run-up.
- Buyers may aim for $1,739/40 on the break of resistance line.
- Sellers await entries below the immediate rising trend line.
Following its surge from $1,660, Gold stays an inch closer to the weekly resistance trend line while taking rounds to $1,714 amid the early Thursday morning in Asia.
Not only a seven-day-old falling trend line but MACD histogram also questions the bullion’s further run-up beyond $1,719 trend line resistance.
As a result, sellers will look for entries below the immediate support line, currently around $1,697.50, while targeting to revisit the $1,660 area.
Meanwhile, an upside clearance of $1,719 will have to cross $1,739/40 horizontal area before questioning the mid-month top, also a multi-year high, near $1,748.
Gold hourly 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.
