Technical Analysis: Gold probes monthly resistance line

Technical Analysis: Gold probes monthly resistance line

Gold prices currently confront a month-old falling trend line resistance around $1618/20, a break of which will enable buyers to extend recovery gains from 50% Fibonacci retracement level towards $1645. In a case where the bulls manage to keep the helm beyond $1645, March 11 top surrounding $16701/72 and $1688 can offer intermediate halts during the metal's run-up to $1700.

On the downside, 61.8% Fibonacci retracement, near $1605, can offer immediate support ahead of $1600 round-figure. Following that, sellers will keep eyes on the 50% Fibonacci retracement level close to $1575 as a sustained decline past$-1575 will recall March 17 high near $1553 and $1510, surrounding 23.6% Fibonacci retracement, on the charts.

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