Gold price has regained poise and looks to take on the key resistance & target at $1765—$1,778, which is the convergence of the previous day’s high and Fibonacci 38.2% one-month.
Ahead of that, a dense cluster of healthy resistance levels around $1759 will come into play.
Further up, gold buyers target the Fibonacci 61.8% one-week at $1768, above which doors will open up towards the $1772 strong resistance.
Alternatively, sellers could test the $1752 support area should gold price change its course. That is the confluence zone of the SMA10 one-day, Fibonacci 23.6% one-week and SMA50 four-hour.
The recovery momentum will likely remain intact so long as gold price holds above the $1748 level. At that point, the Fibonacci 38.2% one-day coincides with the Fibonacci 23.6% one-month.
The last demand zone is seen at around $1742, the intersection of the SMA5 one-day, SMA100 one-hour and SMA10 four-hour.
