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Technical Analysis: Gold bulls again attack $1588/90 horizontal resistance

Despite the on-going coronavirus woes that are helping the Gold off-late, the yellow metal registered another pullback from $1588/90 horizontal area, including highs marked on January 06, which in –turn favors the bullion's declines to 100-bar SMA level of $1557. However, a 23.6% Fibonacci retracement level of $1572 can offer intermediate halts amid the fall. It's worth mentioning that the precious metal's declines below $1557 might not refrain to revisit monthly bottom surrounding $1536.

If at all prices manage to cross $1590, bulls are capable of challenging $1600 and the recent highs, also the strongest since early 2013, around $1613. However, mostly overbought conditions of oscillators on the longer timeframes are against the move beyond $1613, which if happens could have a little strength.

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