Technical Analysis: Gold bounces off five-week low, 100-day EMA, 61.8% Fibonacci in focus
Although the recent financial market meltdown negatively affected Gold as well, the previous metal stays above 100-day EMA. As a result, the odds of the bullion's pullback towards $1,625 are on the rise. However, a sustained run-up beyond the 50-day EMA level of $1,590 becomes necessary for the same. During the metal's sustained rise past-$1625, $1,660 and $1,690 should question the bulls.
On the downside, the safe-haven's break below 100-day EMA level of $1,552 may take a rest near 61.8% Fibonacci retracement level of $1,543. Though, a daily closing below the same might not hesitate to recall $1,510 and $1,495 numbers to the south.