The yellow metal dropped to fresh intraday lows $1,726, down 0.05% in a day, through early Friday. In doing so, Gold faded the previous day’s corrective pullback while keeping sellers optimistic inside a bearish chart formation.
The commodity’s failures to keep the recovery moves seem to join a downward sloping momentum line and sustained trading below 200-SMA in favoring the bears. Nevertheless, a clear downside break below $1,721 becomes necessary as 100-SMA adds to the downside filters.
After that, the $1,700 can offer an intermediate halt before dragging the quote towards the monthly low of around $1,677.
Meanwhile, $1,745 and 200-SMA level near $1,756 guard the bullion’s short-term upside ahead of a horizontal line comprising the monthly peak and February 19 low close to $1,760. It’s worth mentioning that XAUUSD ability to cross $1,760 is a golden pass for the bulls as November 2020 lows near $1,765 also challenge the further upside.
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