Gold prices edged higher amid what looked like a retracement across a wide range of benchmark assets following the prior day’s risk-off fireworks. This meant recovering some ground after issuing the weakest daily close in two weeks. It had fallen alongside shares as sentiment soured in the previous session, which stoked haven demand for the US Dollar and thus undermined anti-fiat alternatives.
Gold prices are idling at support-turned-resistance in the 1747.74-65.30 area. The barrier is reinforced by a falling trend line set from early January. A turn lower from here faces formidable support in the 1634.83-79.81 area, with a midline inflection area near 1660. Alternatively, a daily close above resistance would neutralize near-term selling pressure and may set the stage for a retest of the $1800/oz figure.