Our Technical Confluence indicator signals that the Gold Price remains well beneath the $1,950 and $1,970 trading range that previously restricted the XAU/USD moves as market players brace for the US employment and activity data scheduled for release this week.
That said, the previous day’s downside break of the $1,952 support confluence, now resistance serves as the immediate signal to favor the Gold bears despite the metal’s recent intraday gains. It should be noted that the Fibonacci 23.6% on one week highlights the importance of the said technical level.
With this, the Gold Price is likely to decline towards the lower band of the Bollinger on hourly play joins Pivot Point one-week S1 and 200-HMA, around $1,940.
Following that, a convergence of the Pivot Point one-day S1 and 61.8% Fibonacci retracement of one-month, can act as the final defense of the Gold buyers near $1,935 before directing them to the $1,900 round figure.
Alternatively, an upside clearance of the $1,952 hurdle can direct the Gold Price toward the 10-DMA resistance of around $1,962.
However, major attention will be given to the $1,969-70 resistance zone comprising the Fibonacci 61.8% on one week, 100-DMA and Fibonacci 23.6% on one-day and one-month.
Should the Gold buyers manage to cross the $1,970 hurdle, a multi-day-old horizontal resistance zone surrounding $1,985 may prod the XAU/USD bulls before directing them to the $2,000 psychological magnet.
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