Gold prices step back from two-week high. Key Fibonacci retracement support, bullish MACD can question the sellers. Buyers may follow the weekly resistance line for short-term direction. Following its failure to cross $1,640, Gold prices slip to $1,617, down 0.75%, ahead of the European session on Wednesday. While overbought RSI could be considered as a reason for the latest pullback, 61.8% Fibonacci retracement of March 09-16 fall, near $1,607, seems to hold the key for the metal’s drop towards 1,600 mark. In a case where the bullion stays below $1,600, 50% Fibonacci retracement could be of interest to the sellers. ... (full story)