Gold price struggles to defend the first positive weekly

Gold price drops back below the three-week-old previous resistance line, around $2,000 by the press time, to portray the latest fall.

Adding strength to the XAU/USD’s downside bias are the bearish signals from the Moving Average Convergence and Divergence (MACD) indicator, as well as the near-50 level of the Relative Strength Index (RSI) line, placed at 14.

That said, the 100-bar SMA and an upward-sloping support line from mid-March, around $1,975 and $1,970 in that order, restrict short-term Gold price downside ahead of the horizontal area comprising multiple levels marked since March 15, near $1,935.

Meanwhile, the Gold price trading beyond the $2,000 round figure will need to surpass the latest high surrounding $2,032 to convince XAU/USD bulls in poking the Year 2022 high of $2,070, followed by the record top surrounding $2,075.