Gold witnessed some intraday profit-taking from levels just above $1700 mark. The downside remains cushioned amid the coronavirus-led selloff in equity markets. Gold failed to capitalize on its early strength to fresh multi-year tops and witnessed some intraday profit-taking from levels just above the $1700 round-figure mark, dragging it below a short-term ascending trend-line. A subsequent slide below 50-hour SMA and 23.6% Fibonacci level of the $1563-$1703 move up might have already shifted the near-term bias in favour of bearish traders, paving the way for additional declines. The commodity, however, showed some resilience below $1660 horizontal levels. This is closely followed by another confluence support around the $1650 region amid the coronavirus-led selloff across equities. The latter coincides with 100-hour SMA and 38.2% Fibo. level, which if broken might be seen as a key trigger for bearish traders and set the stage for a fall towards challenging the $1600 round-figure mark. The corrective slide could get extended towards the $1575 intermediate support before the yellow metal eventually drops to the recent swing lows, around the $1563 region (touched on February 28). On the flip side, bulls are likely to wait for a sustained move beyond the $1700 round-figure mark before positioning for any further near-term appreciating move amid still bullish oscillators on the daily chart. Gold 1-hourly chart Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD: Selling opportunities above 0.66 – Westpac FX Street 3 years Gold witnessed some intraday profit-taking from levels just above $1700 mark. The downside remains cushioned amid the coronavirus-led selloff in equity markets. Gold failed to capitalize on its early strength to fresh multi-year tops and witnessed some intraday profit-taking from levels just above the $1700 round-figure mark, dragging it below a short-term ascending trend-line. A subsequent slide below 50-hour SMA and 23.6% Fibonacci level of the $1563-$1703 move up might have already shifted the near-term bias in favour of bearish traders, paving the way for additional declines. The commodity, however, showed some resilience below $1660 horizontal levels. This is closely… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.