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.

Omkar Godbole FXStreet Contributor

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

1. R3 1734.75
2. R2 1724.19
3. R1 1713.43
PP 1702.87
1. S1 1692.11
2. S2 1681.55
3. S3 1670.79

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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