Technical Analysis: Gold probes short-term resistance line on a key day
With US President Donald Trump set to address a press conference on China, at 18:00 GMT on Friday, safe-havens gained bid on early Friday. Though, gold prices need to justify their strength by crossing a nine-day-old resistance line, at $1725, before targeting $1738 and $1749. However, the bullion's sustained rise past-$1749 enables it to question the monthly top near $1765 before heading towards 61.8% Fibonacci Expansion (FE) level of $1771.
On the downside, a clear break below the monthly support line near $1695 could recall the bears aiming to refresh the monthly low under $1,670. In a case where the precious metal remains on the back foot below $1670, April 21 low near $1660 and 61.8% Fibonacci retracement level close to $1640/39 might lure the sellers.