GOLD 05/07: Gold price today
Updated
GOLD Gold price jostles with key short-term resistance around 1,930$, which includes the 23.6% one-day and 38.2% one-month Fibonacci, as well as the previous four-hour high.Accordingly, the previous weekly high of around 1,934$ could spur the bulls to GOLD before directing them to the 61.8% one-month Fibonacci level, also known as the golden Fibonacci ratio. , around the 1,950$ level.
It is worth noting that a break above 1,950$ for Gold looks too lucrative for the bulls and could easily surpass the previous monthly high of 1,983$.
Conversely, the 10-DMA joins the One-Day Pivot Point S1 to limit the immediate decline in Gold Price near 1918$.
However, a break of 1,918$ will need validation from the 1,915$ support confluence that includes a one-day Pivot Point S2 and a one-month 23.6% Fibonacci.
If Gold Price remains weak on breaking through key support at 1915$, the possibility of seeing GOLD drop towards 1900$ cannot be ruled out.
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