Technical Analysis: Gold bears can ignore recent bounce unless breaking $1,770
Gold prints a corrective pullback while holding $1,730 amid early Wednesday. Though, the yellow metal keeps rising wedge confirmation to favor the bears. As a result, $1,724 and $1,718 are likely immediate support to return to the charts ahead of directing gold sellers to the $1,700 threshold. Should the quote drop below $1,700, the monthly low near $1,676 will be in the spotlight ahead of the theoretical target of $1,663.
In a case where the latest consolidation extends beyond the $1,740 immediate hurdle and defy the bearish chart pattern, the commodity’s run-up to $1,757 can’t be ruled out. However, 200-SMA and rising trend line from March 04, respectively around $1,762 and $1,770 will be the key hurdles to watch. Overall, gold remains in a bearish trajectory and any bounce should witness fresh selling pressure for now.