OANDA:XAUUSD Gold price (XAU/USD) remains at intraday lows as it wins a two-day bullish streak while justifying a strong US Dollar and China concerns.
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 OANDA:XAUUSD signal around 1952. I have high expectations for this EMA, moreover I hope we will be profitable together so that at the beginning of the month we will have a lot of profit.
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Gold is falling as expected and is rallying strategically