The Technical Confluence Detector shows that the Gold price grinds higher past the all-important $1,950 support confluence, comprising previous monthly and weekly highs, not to forget the lower band of Bollinger on 15 minutes.
Even if the Gold price slip beneath the key support, a convergence of the Fibonacci 38.2% on one-day and 23.6% on one-week could challenge the metal’s further downside near $1,940.
Following that, 38.2% on one-week, the middle band of the Bollinger on the hourly play and SMA 5 on four-hour (4H) could together restrict Gold price declines near $1,935.
Alternatively, Pivot Point one-month R1 near $1,978 appears the key hurdle for the Gold buyers to poke as they defend positions beyond $1,950.
Ahead of that, Pivot point one-week R2 could challenge the XAU/USD bulls near $1,968. It’s worth noting that the late March 2022 high near $1,966 appears the immediate hurdle for Gold traders to watch.
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