Technical Analysis: Gold breaks monthly horizontal resistance to pierce $1750
While gradually extending its recovery moves from $1717.50, Gold prices cross the key horizontal resistance, around $1745, to refresh the monthly top above $1,758.40. As a result, the bulls are all lined up to challenge the monthly top near $1765.30. However, the overbought RSI conditions might question the commodity's further upside, if not then the year 2012 top near $1800 will be in the spotlight.
On the downside, a clear break below $1745 could fetch the quote to a two-week-old support line near $1730. However, any further downside past-$1730 might not refrain to challenge $1700. Additionally, the precious metal's weakness below $1700 will defy the recent optimism among the traders and push them towards waiting for $1670 during the extra fall.