The Technical Confluence Detector shows that the gold price is eyeing a sustained break above the previous day’s high at $1,850 on its renewed upside.
The next relevant stop for Gold bulls is seen at the pivot point one-week R2 at $1,855, above which a fresh rally toward the pivot point one-day R2 at $1,863 cannot be ruled out.
Alternatively, the Fibonacci 23.6% at $1,843 is lending immediate support to Gold buyers. Failure to defend the latter will expose the next downside cap at around $1,849, where the Fibonacci 38.2% one-day meets with the pivot point one-week R1 the previous high four-hour.
Powerful support aligns at around $1,834, which is the intersection of the previous week’s high and the previous month’s high of $1,833. That level also coincides with the Fibonacci 61.8% one-day, making it a tough nut to crack for Gold bears.
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