- Gold prices extend recovery gains, but stay below near-term key resistance.
- MACD teases bulls, increases the odds for $1,739 recall.
- $1,704 acts as immediate key support confluence.
Gold remains on the recovery mode from the intraday low around $1,707 to currently near $1,716 during the early Thursday. Even so, the bullion remains below a week-old horizontal resistance.
Though, likely turn-up in MACD conditions and sustained trading beyond a two-day-old rising trend line keeps the buyers hopeful.
As a result, an upside break of $1,719/20 will trigger the fresh run-up towards April 16 top surrounding $1,739.
However, the precious metal’s rise past-$1,739 will need a sustained break above $1,748 to challenge late-2012 high near $1,796.
Meanwhile, the aforementioned support line and 50% Fibonacci retracement of April 14-21 declines, close to $1,704, becomes the key for sellers as a break of which could recall the weekly low near $1,660.
Gold 30-minute chart
Trend: Bullish
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