Technical analysis of gold today, Monday

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Gold fell on Monday despite the fading risk sentiment and reached a one-week low yet unable to break the Fibo support at $1,678 (23.6% $1455/$1747 and 38.2% from $1567/$1747).

The overall picture remains bullish with the current pullback from a new nearly eight-year high ($1747, Apr 14), seen as positioning ahead of a fresh higher push. The yellow metal maintains its high safe attractiveness during the current strong uncertainty about the depth of the damage caused by the coronavirus shutdown of the global economy.

Corrective action should ideally be contained at $1,678, however deeper declines towards the next major support at $1,647 (20DMA), $1,641 (higher Apr 8 low), and $1,635 (Fibo 38.2% from $1,455) cannot be ruled out. / $1747) before the bulls regain their strength. Beware of a clear break of the $1,635 pivot which would put the bulls on hold for a deeper correction.

Resistors: 1684, 1688, 1691, 1695
Subsidies: 1678, 1671, 1647, 1635

Technical analysis of gold today, Monday

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