Spot gold edged lower on Monday despite fading risk sentiment and hit one-week low but so far unable to clearly break pivotal double-Fibo support at $1678 (23.6% $1455/$1747 and 38.2% of $1567/$1747). Overall picture remains bullish with current pullback from new nearly eight-year high ($1747, posted on 14 Apr) seen as positioning ahead of fresh push higher. The yellow metal maintains its top safe-haven appeal during current strong uncertainty over the depth of damage coronavirus lockdown caused to global economy. Corrective action should be ideally contained at $1678 zone, however deeper dips towards next key supports at $1647 (20DMA), $1641 (8 Apr higher low) and $1635 (Fibo 38.2% of $1455/$1747) cannot be ruled out before bulls regain traction. Caution on clear break of $1635 pivot that would put bulls on hold for deeper correction.
Res: 1684, 1688, 1691, 1695
Sup: 1678, 1671, 1647, 1635
