Gold Spot Face Crucial Hurdle at $1805 | Gold Silver Reports

Gold Spot support and hurdle : The Technical Confluences Indicator shows that gold has managed to recover ground above the powerful resistance now support at $1781, which is the intersection of the Fibonacci 38.2% one-day, SMA5 four-hour and pivot point one-week S2.

Immediate upside barrier awaits at $1788, where the Fibonacci 61.8% one-day coincides with the Bollinger Band one-day Lower.

Gold Spot Face Crucial Hurdle at $1805

The next crucial resistance is seen at the previous month low of $1805. The gold bulls need a sustained move above the latter to strengthen the recovery momentum from three-month troughs.

Further north, the confluence of the previous week low, SMA5 one-day and SMA100 one-hour at $1808 could challenge the buyers’ commitment.

Alternatively, should the abovementioned support at $1781 give way, critical support at $1777 could be back in play. That level is the meeting point of the pivot point one-month S1 and Fibonacci 23.6% one-day.

The next downside target is seen at the previous day low of $1770. Meanwhile, the $1754 cushion is the last resort for the gold bulls. At that level, the pivot point one-week S3 and pivot point one-day S2 coincide.

Gold price extends the overnight bounce from three-month lows of $1770, reached after the US Treasury firmed up across the curve, thanks to a big beat on the US Retail Sales data.

Despite the pullback, the risks remain tilted to the downside for gold, as the US stimulus expectations continue to push the yields higher while the US dollar holds steady amid conflicting covid vaccine reports

Gold Spot Face Crucial Hurdle at $1805 | Gold Silver Reports via @goldsilverrepor
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