Gold: Key resistances and supports
The Technical Confluence tool suggests that gold’s path of least resistance appears to the downside, with immediate soft cushion seen at $1949, which is the previous low on one-hour.
The fierce support at $1944, the convergence of the SMA100 one-day, pivot point one-day S1 and Bollinger Band one-hour Lower, is the level to beat for the bears.
A fresh sell-off will be triggered on a breach of the latter, opening floors towards the July low of $1806.
On the flip side, recapturing the $1863 level with conviction is critical for the recovery to gain momentum. That level is the confluence of the previous month low and pivot point one-month S1.
Further north, the buyers will challenge the $1868 hurdle, where the Fibonacci 61.8% one-day and Bollinger Band 15-minutes Upper coincide.
The next strong cap sits at $1875, which is the Fibonacci 38.2% one-day.


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