Gold consolidates the recent pullback well above the $1800 mark, as the coronavirus vaccine hopes boost the equities and downs the greenback. Are gold bulls bidding up for a test of the multi-year highs?
The Technical Confluences Indicator shows that the yellow metal continues to face stiff resistance around $1813, the confluence of the previous day high and Bollinger Band four-hour Upper.
The next resistance is aligned at $1818, the multi-year high. Acceptance above the latter awaits the power barrier at $1821, which is the pivot point one-month R1.
On the flip side, the bulls will continue to find bids at $1806, where the Fibonacci 23.6% one-day and one-week coincide.
Further south, the convergence of the Fibonacci 38.2% one-day and Bollinger Band 4H Middle at $1804 is the level to beat for the bears.