fundermental analysis

Any meaningful rally above the $ 1700 mark could currently face some resistance near the overnight swing highs around the $ 1714 zone. Next is the supply zone of $ 1722-23, which if cleared decisively, could push gold prices higher due to short-covering actions. The commodity can then climb back to $ 1738-40 before finally aiming to challenge the breakout of the strong horizontal support at $ 1765-60, which has now turned into resistance. This level will now act as a strong hurdle and the key point for short-term traders.