Gold takes offers near $1,730, down 0.07% intraday, while stepping back from the day’s high of $1,734 during early Tuesday. In doing so, a downward sloping trend line from March 01 seems to defeat the yellow metal’s latest corrective pullback after it managed to cross 10-day EMA on a closing basis for the first time in March.
Even so, normal RSI conditions back the gold buyers trying to cross the $1,735 trend line hurdle in search of visiting the 21-day EMA level of $1,746.
However, any further upside beyond the stated EMA resistance will find it tough to pierce the one-month-old falling trend line, at $1,755 now.
Meanwhile, a downside break of a 10-day EMA level of $1,726 will trigger fresh declines targeting the $1,700 threshold.
In a case where the yellow metal bears keep reins past-$1,700, the monthly low near $1,676, also the lowest since June 2020, should lure the bears.
Gold daily chart
Trend: Pullback expected
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