Gold price stays volatile so far this week, with the risks skewed to the downside, as the bright metal remains at the mercy of the Omicron covid variant fears and Fed sentiment. Fed Chair Jerome Powell’s hawkish surprise and the new variant updates triggered massive bond market volatility, impacting the dollar valuations alongside gold price.
Gold Price: Key levels to watch
The Technical Confluences Detector shows that the gold price is battling strong resistance at $1,780, which is the convergence of the previous week’s low and Fibonacci 23.6% one-day.
Gold price will then extend its recovery towards the next relevant resistance aligned at $1,785, the confluence of the Fibonacci 38.2% one-day, SMA5 one-day and SMA10 four-hour.