XAU/USD consolidates the recent gains while trading above $1700 per troy ounce and the main SMAs on the four-hour chart. The market is nearing the 1740 resistance. A break above the mentioned level can lead to more up towards the 1780/1800 price zone. Occasional pullbacks should find support near the 1690/1700 price zone and the 1660 level.
Gold prices register another pullback from the key $1,752/54 horizontal resistance while taking rounds to $1,747.50 during Thursday’s Asian session.
That said, sellers are likely targeting $1,740 as immediate support during the further declines. However, the weekly low and 200-HMA around $1,726/25.50 might challenge additional weaknesses.
Should the precious metal...