Gold Price Analysis: XAU/USD strong resistance looms (bullish)
Gold has suffered a trip to the downside but recovered and is back to the familiar range. What is next for the precious metal? Examining the XAU/USD is showing that strong resistance looms.
The Technical Confluences Indicator is showing that $1,730 remains a strong resistance line, where we see a cluster including the Fibonacci 23.6% one-week, the Fibonacci 23.6% one-day, the Fibonacci 38.2% one-month, and the Bollinger Band 15min-Upper.
If gold overcomes this hurdle, the upside target is $1,743, which is the convergence of the Pivot Point one-day Resistance 2 and the Fibonacci 23.6% one-month.
Some support awaits at $1,722, which is the confluence of the Bollinger Band one-day Middle, the Fibonacci 61.8% one-day, and the BB 1h-Lower.
The downside target for the bears is $1,707, where the Fibonacci 161.8% one-day and the Fibonacci 61.8% one-month meet up.
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