According to our Technical Confluence indicator, Gold price retreats from the top of the $1950 and $1970 trading range as market participants prepare for the first data/event scheduled for the week. This.
On the other hand, Bollinger's lower band connects to Pivot Point S1 one day and Fibonacci 23.6% one week, around $1,952, setting the floor for Gold Price.
Accordingly, the convergence of Pivot Point S1 one week and S2 one day, as well as the four-hour SMA 200 (4H), could act as a last resort for those who bought Gold near $1940 before when directing them to the round figure of $1,900.
Earlier this month I expected a buy
Kommentera:
Gold is falling as expected and is rallying strategically