Gold prices are showing signs of downside momentum increasing. Prices fell to a four-week low of 1689.37 before pulling back intraday.

The declines come following the failure to post any new higher highs. As a result, gold prices are down for the second consecutive day.

The support area around 1696.86 is holding up for the momentum.

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But a breakdown below this level will open the downside towards 1671.95.

Alternately, a rebound off 1696.86 will see a move back to 1717.65 which could see the precious metal settling into a sideways range.

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