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​Technical Analysis: Gold bounces off 100-bar SMA, monthly resistance line back in focus

Multiple failures to cross a month-old falling trend line don't speak for Gold's weakness as the yellow metal recently bounced off 100-bar SMA, shifting the traders' focus back to the 1,722 resistance. While a lower high formation a month questions any further upside past-$1722, a sustained run-up might not hesitate to cross April month top near $1,748.

Meanwhile, a downside break below 100-bar SMA level of $1,702 may wait for validation from $1,700 before diving towards a three-week-long rising support line, near $1,677 now. If the bears keep dominating past-$1,677, April 07 high near $1,673 and late-April low near $1,660/59 should become their favorites.

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