
Gold price remains vulnerable ahead of the Fed minutes, having failed to find acceptance above the $1,800 mark on several occasions. Risk-off flows dominate amid recessionary fears amplified by the Chinese activity data, keeping the sentiment around the safe-haven US dollar broadly underpinned.
Gold Price: Key levels to watch
The Technical Confluence Detector shows that the gold price is gathering steam to test the previous day’s low of $1,773, below which the previous week’s low of $1,771 will be targeted.
The next downside cap is placed at $1,767, the pivot point one-day S1. The last line of defense for gold bulls is aligned at the Fibonacci 61.8% one-month at $1,764.
Alternatively, buyers need to find a strong foothold above a dense cluster of resistance levels stacked up around $1,780. At that point, the Fibonacci 23.6% one-day, SMA5 four-hour, pivot point one-week S1 and SMA10 one-hour intersect.