Gold price remains well above key short-term support around $1,897, including one-week Fibonacci 38.2%.
Also, setting a solid floor for XAU/USD is a convergence of the 5-DMA and the previous monthly low, around $1,905.
It is worth noting that the one-day 161.8% and 61.8% one-week Fibonacci join S2 one day of the Pivot Point to add strength to the $1,905 support.
Meanwhile, the one-day 61.8% Fibonacci, the Bollinger middle band above the one-hour high and the previous weekly high together limit the Gold Price's immediate upside near $1,920.
In the event that the bulls break through the $1,920 barrier, Gold Price will rally towards the one-week 161.8% Fibonacci match, the one-day R3 of the Pivot Point and the 4-hour 200-SMA, near $1,937. can be excluded.
Also, setting a solid floor for XAU/USD is a convergence of the 5-DMA and the previous monthly low, around $1,905.
It is worth noting that the one-day 161.8% and 61.8% one-week Fibonacci join S2 one day of the Pivot Point to add strength to the $1,905 support.
Meanwhile, the one-day 61.8% Fibonacci, the Bollinger middle band above the one-hour high and the previous weekly high together limit the Gold Price's immediate upside near $1,920.
In the event that the bulls break through the $1,920 barrier, Gold Price will rally towards the one-week 161.8% Fibonacci match, the one-day R3 of the Pivot Point and the 4-hour 200-SMA, near $1,937. can be excluded.
Comment:
Gold price trades near $1,915 per troy ounce during the Asian session on Monday, extending the previous week's gains. The recent pullback in United States (US) Treasury yields has contributed to the rebound in the price of yellow metal.
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