Gold price is once again testing offers above the $1800 mark, as the bulls look for acceptance above the latter after Friday’s quick retracement from six-week tops of $1814. As risk remains relatively firmer on Monday, courtesy of easing China’s property sector concerns, the US dollar keeps losing additional ground vs. its main competitors, benefiting gold price.
Gold Price: Key levels to watch
The Technical Confluences Detector shows that gold has recaptured the $1800 mark, with bulls unstoppable, as they target the Fibonacci 23.6% one-day at $1807.
If the buying interest accelerates, then a test of the pivot point one-day R1 at $1811 will be soon on the cards.
The next stop for gold bulls is seen at the previous day’s high of $1814, above which the pivot point one-week R1 at $1818 will be challenged.