Gold Price Analysis: Recovery rally looks exhausted on Hanging Man candle

• Gold's weekly chart is flashing signs of bull fatigue. 
• A move above the preceding week's high is needed to revive the bullish view. 

Gold's recovery rally from the March low of $1,451 looks exhausted, according to last week's inside bar hanging man candle. 

An inside bar occurs when prices trading within the preceding period's high and low and is indicative of bull fatigue when it appears after a notable price rise, which is the case here. The hanging man candle, which comprises a small red body and a long lower wick, also indicates buyer exhaustion. 

As a result, a pullback to $1,600 or lower could be seen this week. At press time, the yellow metal is sidelined around $1,619 per ounce. 

On the higher side, a move above the previous week's high of $1,638 is needed to revive the bullish setup and open the doors to a re-test of $1,700.

Weekly chart

Trend: Neutral

Technical levels