Gold suffered heavy losses for the fifth straight week and dropped below $1,700 for the first time in nearly a year. XAUUSD could fall toward $1,680 if $1,700 is confirmed as resistance, FXStreet’s Eren Sengezer reports.

$1,740 aligns as the first resistance

“$1,740 (static level) aligns as the first resistance before $1,760 (mid-point of the descending regression channel) in case gold stages a technical correction next week.”

“On the downside, additional losses toward $1,680 (static level from March 2021) and $1,670 (static level from May 2020) could be witnessed if sellers manage to turn $1,700 (static level, psychological level) into resistance.”