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Gold prices trading at $1669.98

According to the Technical Analyst Team at ICN.com, “The pivotal resistance of 1685.00 continued to act as a hard technical obstacle preventing bulls from taking gold higher. The daily closing was achieved again below SMA 50 and also below SMA 20. Thus, the bearishness is in favor over intraday basis but not before beating the support of 1663.00, whilst 1695.00 should act as a ceiling for bears.”

Earlier today, Gold peaked at the 1673 region before ultimately sharply in recent minutes. Presently, the price of gold has settled in the region of USD $1669.98, down $-0.42 Friday. The ICN.com analysts point to supports at the 1666.00 level, onto 1660.00 and finally 1653.00. On the ascension, gold prices will encounter means of resistance at 1675.00, then 1680.00 (February 5 high), followed by 1685.00.

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