Gold prices remained under pressure, as a fresh weakness from overnight’s brief recovery at 1662 cracked last Friday’s low at 1655. According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “A negative structure is additionally supported by break and weekly close below 200-day MA at 1662, which sees scope for test of initial 1650 support zone, where previous lows of the 09 January and Fib 61.8% of 1625/1697 recovery rally lie.” In addition, “Support is reinforced by broken bear-trendline, drawn off 1751 (26 November high). The negative near-term structure keeps the downside in focus, with a break below 1650 to open 1642, 07 January low / Fib 76.4%, possibly to fully retrace 1625/1697 rally on attack to 1625 (04 January low). Initial resistance lies at 1662, session high / 200 day MA, while only extension through 1672, last Friday’s high, would provide temporary relief.” Drvenica warns. At the time of writing the price of gold has settled at USD $1657.02, or down -$12.85 Monday.