GOLD PRICE FORECAST: XAU/USD APPROACHES MARCH WITH SOBER FACE BELOW $1,825 HURDLE – CONFLUENCE DETECTOR

Gold price retreats towards intraday low amid sluggish session, stays on the way to first monthly loss in five.

A pause in Treasury bond buying, mixed US-China headlines join hawkish Fed bets to keep XAU/USD sellers hopeful.

Repeated failures to cross $1,825 resistance confluence tease Gold bears as March looms.

Gold price (XAU/USD) remains sluggish as traders brace for a quiet end to the volatile February, after an upbeat start to the week. The yellow metal’s latest weakness could be linked to the mixed concerns surrounding the US-China ties, as well as the unimpressive prints of the second-tier US data. However, hawkish Federal Reserve (Fed) concerns and upbeat US Treasury bond yields, despite the latest inaction, keep the Gold bears hopeful.

Also read: Gold Price Forecast: XAU/USD eyes daily close for Falling Wedge confirmation

Gold Price: Key levels to watch

The Technical Confluence Detector shows that the Gold price grinds below the $1,825 resistance confluence which encompasses the Fibonacci 38.2% on one-week and the previous monthly low.

With this, the XAU/USD flirts with Fibonacci 38.2% on one-day, around $1,815, a break of which could quickly drag the metal prices towards $1,809 support level, including the previous weekly low and Pivot Point one-day S1.

In case where the Gold price remains weak past $1,809, there appears a smooth road towards $1,800 threshold comprising Pivot Point one-week S1 and Fibonacci 161% on one-day.

On the flip side, Fibonacci 23.6% on daily and Pivot Point one-day R1 guards immediate upside of the Gold price near $1,820 and $1,822, before highlighting the key $1,825 hurdle.

Should the XAU/USD price remains firmer past $1,825, a convergence of the 10-DMA and Fibonacci 61.8% on one-day, near $1,833, precedes the $1,838 hurdle including Pivot Point one-week R1 and one-day R3 to challenge the bulls.

Overall, the Gold price stays well-set to end February on a negative note.