Gold Price Forecast: XAUUSD eyes $1,963 and $1,967 on road to recovery – Confluence Detector

• Gold Price is staging a comeback as investors remain upbeat ahead of the critical US inflation.
• The US dollar pauses its upsurge as the Treasury yields see a minor pullback.
• The path of least resistance appears to the upside for XAUUSD this Monday.

Gold Price is on a recovery mode this Monday, kicking off a new week on the right footing, as bulls reverse Friday’s deep losses. The upbeat US labor market report lifted the bids for the dollar alongside the Treasury yielding, weighing heavily on the bright metal. Bulls are attempting a comeback, as USD bulls take a breather ahead of the all-important US inflation release. The persistent strength in oil prices has helped gold price find a floor, reviving its demand as a hedge against energy costs-driven inflation worries. Let’s take a look at how the yellow metal is positioned on the various timeframes, technically.

Also read: Gold, Chart of the Week: XAU/USD bulls eye a break of critical daily resistance

Gold Price: Key levels to watch

The Technical Confluence Detector shows that the Gold Price needs to find acceptance above the critical intersection of the Fibonacci 38.2% one-day, Fibonacci 61.8% one-week and the previous high four-hour.

The next relevant upside target is seen at the Fibonacci 61.8% one-month at $1,963, above which the immediate barrier at $1,965 will be put to test. That level is the confluence of the Fibonacci 61.8% one-day and SMA200 four-hour.

Further up, the pivot point one-day R1 at $1,967 will guard the bearish interests, with the last line of defense for sellers seen at $1,874. That level is the meeting point of the previous week’s high and the pivot point one-week R1.

more to come ....