Gold drops to the fresh intraday low around $1,726, down 0.05% on a day, during early Friday. In doing so, the yellow metal fades the previous day’s corrective pullback while keeping sellers hopeful inside a bearish chart formation.
The commodity’s failures to keep the recovery moves seem to join a downward sloping momentum line and sustained trading below 200-SMA in favoring the bears.
However, a clear downside break below $1,721 becomes necessary as 100-SMA adds to the downside filters.
Following that the $1,700 can offer an intermediate halt before dragging the quote towards the monthly low of around $1,677.