Gold price breaks through immediate resistance at 1,934.26 to target $1,950, demonstrates an upward trend over the past three days.
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- Gold Price pierces short-term resistance to aim for $1,950, prints three-day uptrend.
Gold Price (XAU/USD) renews intraday high as it keeps Friday’s run-up, despite a sluggish week-start. In doing so, the Gold Price benefits from the broad US Dollar weakness, mainly due to the softer US inflation expectations and mixed China data. However, the hawkish Fed talks and the US-China tension prod the XAU/USD bulls amid a cautious mood ahead of Wednesday’s US inflation numbers.
Additionally challenging the Gold buyers are the doubts about the latest US Treasury bond yields. It’s worth noting that the market’s fears of recession push traders toward traditional havens like bonds, Gold and the Yen. However, the same catalysts also allow the US Dollar to cheer the sour sentiment, which it has failed to off late. As a result, the market’s mixed concerns keep the Gold buyers hopeful but the upside room appears limited.
Also read: Gold Price Forecast: XAU/USD upside appears limited until 21 DMA resistance holds
Our Technical Confluence Indicator shows that the Gold Price edges higher after crossing the $1,930 key support comprising the Fibonacci 23.6% on one-week, 38.2% on one-month and the previous daily high.
With this, the XAU/USD upside appears well-set to claim the $1,935 hurdle comprising the upper Bollinger band on the four-hour chart.
Following that, a convergence of the 100-DMA and 61.8% on one-month, around $1,950, will be in the spotlight.
On the contrary, a downside break of $1,930 could quickly fetch the Gold price towards the $1,922 support confluence including the 5-DMA, and 38.2% on one-week and one-month.
In a case where the Gold Price drops below $1,922, the Fibonacci 61.8% on one-week and the Pivot Point One-day S1 will highlight the last defense of the XAU/USD buyers around $1,915 before directing the quote toward the $1,900 round figure.
It should be observed that the Pivot Points one-day S2 and one-week S1 highlights the $1,908 level as an extra filter toward the south.
The TCD (Technical Confluences Detector) is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. If you are a short-term trader, you will find entry points for counter-trend strategies and hunt a few points at a time. If you are a medium-to-long-term trader, this tool will allow you to know in advance the price levels where a medium-to-long-term trend may stop and rest, where to unwind positions, or where to increase your position size
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