- Gold remains slightly offered after falling by $ 1,745.
- An upward trend line from April 21 is on bear radars.
- The high on May 20 holds the key to further rise from the previous month’s high.
Gold prices fell back to $ 1,725.40, down 0.13% on a day, before heading to the European session on Wednesday.
Given the moderate decline in bullion since the start of the week, a potential higher bearish formation appears on the 4-hour chart.
As a result, the precious metal is weighing toward a six-week upward trend line, currently close to $ 1,700. However, $ 1,711 could offer an intermediate stop during the fall.
In the event that metal prices fall below $ 1,700, the previous month’s low close to $ 1,670 could attract bears.
On the upside, a breakout above $ 1,745 could propel safe-haven assets to the May 20 high near $ 1,754, while the May peak near $ 1,764.90 could keep buyers engaged. thereafter.
Four hour gold chart
Trend: new weakness expected