Gold Price Analysis: Probes weekly resistance trendline above $1,700

• Gold prices pause after the previous day’s run-up.
• Buyers may aim for $1,739/40 on the break of resistance line.
• Sellers await entries below the immediate rising trend line.

Following its surge from $1,660, Gold stays an inch closer to the weekly resistance trend line while taking rounds to $1,714 amid the early Thursday morning in Asia.

Not only a seven-day-old falling trend line but MACD histogram also questions the bullion’s further run-up beyond $1,719 trend line resistance.

As a result, sellers will look for entries below the immediate support line, currently around $1,697.50, while targeting to revisit the $1,660 area.

Meanwhile, an upside clearance of $1,719 will have to cross $1,739/40 horizontal area before questioning the mid-month top, also a multi-year high, near $1,748.

Gold hourly chart

Trend: Pullback expected