The gold price is rising after rebounding from two-month lows of $1750 on Wednesday, but the bulls appear to be lacking in follow-through energy as the US dollar maintains its upper hand. The risk-off mood is still strong, owing to mounting concerns about the rapid spread of the Delta covid virus, particularly in Asia-Pacific. Meanwhile, mounting anticipation that the Fed may reduce monetary support after the US ADP NFP statistics outperformed estimates in June have kept the greenback’s value buoyant.
The next move in gold will be determined by the US non-farm payrolls report, which is due this Friday. Meanwhile, gold traders await the release of the US ISM Manufacturing PMI for new dollar moves.
Read more: Gold prices fall ahead of important US employment data: What comes next? [Video]
The SMA10 one-day, Fibonacci 61.8 percent one-week, and the previous day’s high are all converging at $1775, according to the Technical Confluences Detector.
The pivot point one-day R1 at $1778 is the next upside obstacle. The bulls will target the Fibonacci 38.2 percent one-week at $1884 as a target higher.
For gold bulls, the intersection of the Fibonacci 23.6 percent one-week and pivot point one-day R2 at $1787 will be a difficult nut to crack.
The immediate cushion, on the other hand, is oriented around $1770, which is the junction of the Fibonacci 23.6 percent one-day and the previous high on the four-hour chart.
The meeting point of the pivot point one-week S1 and the Fibonacci 38.2 percent one-day Fibonacci 38.2 percent Fibonacci 38.2 percent Fibonacci 38.2 percent Fibonacci 38.2 percent Fibonacci 38.2 percent Fibonacci 38.2 percent
The previous week’s low of $1761 may be the next target for sellers. The Fibonacci 61.8 percent one-day collides at that point.
The TCD (Technical Confluences Detector) is a tool that locates and highlights price levels where indicators, moving averages, Fibonacci levels, Pivot Points, and other indicators are converging. If you’re a short-term trader, you’ll look for counter-trend entry points and hunt for a handful at a time. If you’re a medium-to-long-term trader, this tool will help you predict where a medium-to-long-term trend will halt and rest, where you should unwind positions, and where you should raise your position size./n
Read More
