Gold Tips Today: Gold is struggling to find its feet on Monday, having hit the lowest levels in two weeks at $1,839 on Friday.
The US dollar holds onto the recent gains, despite the improving market mood, as the Treasury yields rebound amid expectations of hastened Fed’s tapering. Given this scenario, gold remains vulnerable to additional downside momentum. Although bears could catch a breather ahead of Wednesday’s US data dump and FOMC minutes.
Gold Price: Key levels For Trading
The Technical Confluences Detector shows that the gold price recovery remains capped below a powerful resistance at $1,848, which is the intersection of the Fibonacci 23.6% one-day and pivot point one-month R2.
Gold Tips Support And Resistance Key Level
The next upside target for gold bulls is seen at $1,852, where the Fibonacci 23.6% one-week, Fibonacci 38.2% one-day and SMA10 one-day coincide.
Strong resistance at $1,865 will then challenge the bearish commitments. That level is the confluence of the Fibonacci 61.8% one-day, Fibonacci 38.2% one-week and SMA5 one-day.
The pivot point one-day R1 at $1,860 will be the last resort for gold sellers.
Alternatively, a sustained break below the intraday low of $1,837, will call for a fresh decline towards the pivot point one-week S1 at $1,810.
The relevant support is seen at $1,790, the convergence of the pivot point one-day S2 and SMA100 four-hour.
