Following the corrective move higher, the Technical Confluences Indicator suggests that Gold faces immediate fierce resistance at $1889, which is the convergence of the Fibonacci 38.2% one-week and Bollinger Band 15-minutes Upper.
Buyers will then look to takeout the next hurdle at $1894, the intersection of the pivot point one-day R1 and Bollinger Band one-hour Upper.
A sharp rally towards the $1905 barrier will get fuelled, which is the pivot point one-day R2.
To the downside, significant support at $1875 could likely limit the pullbacks. At that level, the SMA5 one-day coincides with the Fibonacci 23.6% one-day.
Further down, a bunch of minor support levels will slow the declines before the bullion reaches the critical cushion at $1863, which is the convergence of the previous month low, Fibonacci 61.8% one-day and pivot point one-month S1.


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