Our Technical Confluence indicator suggests the Gold Price inaction around the $1,964 support-turned-resistance comprising the 100-DMA and a convergence of the Fibonacci 61.8% on one-day and one-week.
The XAU/USD’s ability to cross the $1,964 hurdle joins the upbeat sentiment and the US Dollar’s retreat to keep the buyers hopeful of poking the $1,975 resistance confluence including Fibonacci 78.6% on one-week and Pivot Point one-month R1.
Following that, the previous monthly high and Pivot Point one-week R1 will act as the last defense of the XAU/USD bears near $1,985.
Meanwhile, a downside break of the $1,964 resistance-turned-support (stated above), can quickly fetch the Gold Price toward $1,960 comprising Fibonacci 38.2% on one-day and 10-DMA.
However, the XAU/USD weakness past $1,960 could convince the bears to attack the $1,950 support encompassing the lower band of the Bollinger on the four-hour, Fibonacci 61.8% on one-month and Pivot Point one-day S1.
Overall, the Gold Price regains upside momentum but bulls need validation from $1,975.
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
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