- Gold picks up bids near the intraday top.
- Short-term SMAs and multiple resistance lines challenge recovery moves despite upbeat RSI.
- Bears can eye January bottom before targeting to refresh the monthly low.
Gold prices print 0.18% intraday gains while picking up the bids to $1,821.16 during early Tuesday. In doing so, the yellow metal rises to the first time in four days.
Although bullish RSI conditions and an ascending trend line from February 04 favor the gold bulls, a 10-day SMA near $1,823 tests the intraday upside.
Even if the yellow metal manages to cross $1,823, a confluence of 21-day SMA and a six-week-old resistance line, near $1,838-40 will challenge the quote’s further advances. Also acting as an upside barrier is a falling trend line from January 29, currently around $1,846.
Alternatively, a downside break of the immediate support line of $1,818 may eye for January’s low of $1,802.80 before directing gold sellers toward the monthly trough surrounding $1,785.
To sum up, gold prices remain pressured despite the latest corrective pullback.
Gold daily chart
Trend: Bearish
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