Gold price manages to cheer a sustained bounce off 61.8% Fibonacci retracement level of November 2022 to February 2023 upside of around $1,812, also known as golden Fibonacci ratio.
Adding strength to the bullish bias surrounding the XAU/USD is a successful upside break of a nine-week-old horizontal hurdle, now immediate support near $1,860.
That said, the bullish signals from the Moving Avearage Convergence and Divergence (MACD) indicator joins upbeat but not overbought appearance of the Relative Strength Index (RSI) line, placed at 14.
With this, the XAU/USD run-up towards the 23.6% Fibonacci retracement level surrounding $1,904, as well as a challenge to the previous monthly top of near $1,960, can’t be ruled out.
On the contrary, Gold sellers may return to the table if the quote struggles to remain beyond the aforementioned horizontal resistance-turned-support of around $1,860. It should be noted that the 50-DMA can restrict immediate downside near $1,872.
Adding to the downside filters are 50% and 61.8% Fibonacci retracement levels near $1,840 and $1,812. It’s worth noting that the 100-DMA level level of $1,810 apperas the last defense of the Gold buyers.
To sum up, Gold price gains buyer’s attention ahead of the key United States data but a sustained trading beyond $1,871 could help strengthen the bullish bias.
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