
With the ECB Sintra Forum out of the way, the end-of-the-quarter flows and the US inflation data will drive the metal’s price action. Any reprieve in gold price is likely to remain temporary amid hawkish Fed stance and growing recession fears, which are likely to keep the safe-haven demand for the dollar buoyed.
Gold Price: Key levels to watch
The Technical Confluence Detector shows that Gold Price is witnessing a dead cat bounce after three straight days of losses. On its recovery mode, the bright metal is challenging strong resistance around $1,822, which is the convergence of the SMA5 one-day and SMA1o four-hour.
The confluence of the Fibonacci 61.8% one-day and the Fibonacci 23.6% one-week at $1,825 will threaten XAU bulls. Further up, bulls will need to crack the $1,831 barrier, where the SMA10 one-day, pivot point one-day R1 and SMA50 four-hour.
The next critical resistance around $1,835 will test the bearish commitments. That level is the meeting point of the SMA100 four-hour, Fibonacci 38.2% one-month and Fibonacci 61.8%.