Gold Price Analysis: XAU/USD bulls need to cross $1,802 to regain control – Confluence Detector

Anil Panchal FXStreet

Gold prices consolidate Thursday’s losses below $1,800 threshold during the early Friday’s quiet session. The bullion snapped the three-day winning streak with the heaviest decline since June 05 the previous day. However, the bears seem less convinced to even refresh the weekly low, which in turn teases bulls for re-entry.

While searching for the options, our Technical Confluence Indicator highlights $1,802 as immediate key resistance. The level comprises the middle band of the Bollinger on 1H formation, coupled with 200-HMA and a joint of 5-bar and 50-bar SMAs on the four-hour play.

Given the precious metal’s clear break above $1,802, the 61.8% Fibonacci retracement and 200SMA on 15M could test the bulls around $1,807. Though, the commodity’s ability to cross $1,807 gives it a ticket to the multi-year high around $1,818.

On the contrary, the previous low on 1H chart and the lower band of 15M Bollinger restricts the quote’s immediate downside near $1,796.

Should the bears keep the reins past-$1,796, 61.8% Fibonacci retracement of one week, close to $1,789, hold the gate for the extended south-run towards the previous month’s top surrounding $1,786.

Additionally, $1,780 should be considered as an extra filter to the south ahead of diverting the sellers towards the sub-$1,750 area.

Here is how it looks on the tool

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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