Gold Price Analysis: Looks for clear direction above $1,700, inside weekly triangle

• Gold prices seesaw around 200-HMA, consolidate above $1,700.
• Monthly top, late-April high add to the upside barriers.
• 61.8% of Fibonacci retracement offers additional support.

Gold prices struggle for direction while taking rounds to $1,702 amid the early Wednesday’s trading. In doing so, the bullion stays above 200-HMA while remaining inside a weekly symmetrical triangle.

As a result, the metal traders are looking for entries only if the quote breaks either $1,708.50 resistance or $1,694.80 support.

Given the normal conditions of MACD and RSI, coupled with sustained trading above 200-HMA, buyers seem to have an upper hand while targeting to refresh the monthly top of $1,723.70.

In doing so, the April month peak, also the highest levels since late-2012, near $1,748 will be on their radar.

Alternatively, 61.8% Fibonacci retracement of the early-month upside, close to $1,690.90/85, can offer additional support below the triangle’s lower line.

Should the safe-haven drops below $1,690.85, $1,682 and the monthly low near $1,671/70 could lure the bears.

Gold hourly chart

Trend: Sideways