As per Technical Confluence Detector, Gold price trades successfully beyond the $1,960 support confluence, despite the latest inaction, which in turn keeps the XAU/USD buyers hopeful. That said, the stated key support comprises Fibonacci 23.6% on one-week, previous monthly high and Pivot Point one-day S1.
That said, Fibonacci 23.6% on one-day and 50-HMA levels restrict immediate downside of the Gold price near $1,976 and $1,965-66 in that order. It's worth mentioning that the $1,940 acts as the key downside support, apart from the $1,960, which could challenge the XAU/USD bears.
Meanwhile, the previous weekly high surrounding $1,990 can act as an immediate resistance before highlighting the $2,000 threshold.
In a case where the Gold price remains firmer past $2,000, Pivot Point one-day R1 can act as a validation point for the further run-up near $2,005 before fueling the XAU/USD towards 2022’s peak of $2,070.
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