Gold has failed in its attempt to move higher on Tuesday but is trading well above the $1,700 level. Where next for the precious metal?
The Technical Confluences Indicator is showing that gold has substantial support at $1,722, which is the convergence of the previous daily low and the Bollinger Band one-day Middle.
Resistance awaits at $1,730, yet it is somewhat weaker. That point is a juncture of lines including the Simple Moving Average 100-4h, the Fibonacci 38.2% one-month, the Bollinger Band 15min-Upper, and the previous 4h-high.
Looking up, the upside target is $1,743, which is the confluence of the BB 1h-Upper and the Fibonacci 23.6% one-month.
Below $1,722, the next cushion is $1,707, where the Fibonacci 61.8% one-month and the PP one-day S2 converge.