Gold Price Analysis: Extends recovery from 100-HMA, $1,750 back in focus

• Gold pierces $1,740 during the pullback moves from $1,727.74.
• 100-HMA offers immediate support, weekly rising trend line becomes the key.
• A horizontal resistance around $1,752 can check intraday bulls.

While extending its bounce from 100-HMA, Gold prices take the bids near $1,739.65, up 0.34% on a day with the intraday high of $1,740.41, during the early Tuesday.

The bullion currently aims to challenge immediate horizontal resistance around $1,752 ahead of targeting the recent top, also the highest since late-2012, around $1,765.40.

Should there be a further upside past-$1,765.40, the year 2012 top surrounding $1,795 could lure the buyers.

On the downside, the precious metal’s declines below 100-HMA level of $1,730 need validation from weekly support line, at $1,717 now, before highlighting $1,700 and the monthly bottom surrounding $1,670.

Gold hourly chart

Trend: Bullish