- Gold is struggling to break above the resistance of the 5-week SMA.
- While gold is up 1% on the week, an 11-month downtrend line remains intact.
Gold is trading near the $ 1,810 per ounce level at the start of the European session on Wednesday, after failing to break above the downward sloping 5-week SMA at $ 1,816 on Tuesday.
On the other hand, sellers failed to settle below the November low of $ 1,764 last week, and the yellow metal is up more than 1% this week.
Still, it is too early for a bullish turn to take place as the downtrend line, which falls from the all-time high of $ 2,075 reached in August, is still intact.
A compelling weekly close above the trend line would imply an end to the pullback from the all-time highs and the resumption of the broader uptrend from the March 2020 low of $ 1,451.
On the other hand, the bearish bias would strengthen if the yellow metal falls below the weekly low of $ 1,781.
Gold weekly chart
Gold technical levels
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