Gold: Showing a messy picture

Gold has pushed higher but still looks vulnerable to short-term blips as there are lots of technical levels above the price, Rajan Dhall, an analyst at FXStreet, reports. XAU/USD is trading at 1703.94.

Key quotes

“The resistance at $1710.00 is proving to be a bit of a problem. The price has come up to touch the level but as soon as it did the bears came out in full force and pushed the price back.”

“If the support zone at $1692.10 holds there could be a good chance that the market does move higher in the medium-term. The key to the upside break for the bulls remains at the wave high of $1724.06.”