Gold Price Analysis: Under pressure in Asia after Friday’s Doji

• Gold created a Doji candle on Friday, neutralizing the immediate bullish setup. 
• A break under $1,710 would confirm a short-term bearish reversal. 

Gold is trading near $1,722 per ounce, representing a 0.30% drop on the day, having hit a high of $1,729 during the early Asian trading hours. 

The metal is flashing red, having carved out a Doji candle on Friday, a sign of indecision in the market place. 

A bearish Doji reversal would be confirmed if the yellow metal closes Monday under Friday’s low of $1,710. That would also confirm a head-and-shoulders breakdown on the hourly chart. 

A bearish close, if confirmed, would open the doors for a drop to $1,658 – the low of the long-tailed candle created on April 21.

Alternatively, a close above Friday’s high of $1,736 would imply a continuation of the rally from the low of $1,658 and will likely allow a sustained move above $1,750. 

Daily chart

Trend: Bearish below $1,710

Technical levels