The Technical Confluence Detector shows that the gold price could retest Friday’s high at $1,922 on retracement from multi-month highs. A breach of the latter will put the critical support at $1,917 under threat. That level is the convergence of the pivot point one-month R3 and the previous low four-hour.
The next immediate cushion is seen at the Fibonacci 23.6% one-day $1,915. Deeper declines could challenge bullish commitments near $1,909, where the Fibonacci 23.6% one-week and the Fibonacci 38.2% one-day coincide.
Alternatively, Gold buyers need a sustained move above the intraday high at $1,929 to initiate a fresh upswing toward the pivot point one-day R1 at $1,931.
The next stop for bulls is envisioned directly at $1,941, the confluence of the pivot point one-week R1 and pivot point one-day R2.
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