Gold gapped up in today’s session to hit our resistance target at $1710, on the back of the US stimulus package passing the senate coupled with a missile attack on Saudi Arabia’s Ras Tanura oil site, which propped demand for the yellow metal safe haven. A strengthening greenback along with ongoing declines in bullion backed ETF holdings (registering biggest weekly loss in tonnage since June 2013) is keeping higher prints under pressure, as an hourly close below $1690 support level will open the door to further downside.
Support: 1700/ 1690 / 1684
Resistance: 1710 / 1718
