Our Technical Confluence Indicator shows that the Gold price recently slipped beneath the $2,010 key support confluence while pausing the run-up to poke the previous yearly high marked in March 2022.
The stated support confluence, now resistance, includes Fibonacci 38.2% on one-day, previous monthly high and Pivot Point one-week R2.
In a case where the Gold price jumps back beyond the $2,010 level, the Fibonacci 161.8% on one-week and SMA10 on 4H can check the XAU/USD bulls around $2,015 before restoring the previous upside bias.
Following that, a run-up towards the Pivot Point one-week R3, around $2,035 becomes swift.
On the contrary, the metal’s sustained trading below $2,010 can drag it to another key support for the Gold price, surrounding $1,990, which encompasses Pivot Point one-day S2 and Pivot Point one-week R1.
Should the XAU/USD bears keep the reins past $1,990, the odds of witnessing a slump toward the February 2022 peak of around $1,960 and multiple lows close to $1,950 can’t be ruled out.
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