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Gold prices trading at $1663.76

Gold has been bias-less for the past few sessions, trading within a relatively tight sideways range. According to the Technical Analyst Team at ICN.com, “The yellow metal is currently testing the short-term ascending support, which if broken may see the downside move accelerate. Therefore, we will wait for a clear break below this support around 1665.00, before expecting further bearishness this week.”

After breaking through calculated support at 1660.00, presently gold has settled in the region of USD $1663.76, down $-2.24 Monday. The ICN.com analysts point to additional supports at the 1660.00 level, onto 1653.00 and finally 1647.00. On the ascension, gold prices will encounter measures of resistance at 1675.00, then 1685.00, followed by 1695.00.

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