Gold steps back from intraday high while flashing $1,772 as a quote amid Friday’s Asian session. In doing so, the yellow metal rejects the initial consolidation of the biggest losses in 14 days marked on Thursday. Although mildly negative S&P 500 Futures and sustained recovery of the US dollar index (DXY) seem to back the gold sellers, BioNTech’s hopes of finding a vaccine for Indian-origin covid strain seem to battle the moves.

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The price of gold is trapped in daily support and resistance but pressured at 4-hour resistance. The support is fragile, but the weekly bullish target is eyed at dynamic trend line resistance. The bulls are tiring at 4-hour resistance in a trapped environment on the daily chart.

The following analysis illustrates the weekly prospects of a test to the upside if resistance breaks and where the bears need to accumulate for a downside test of the weekly support structure.

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