Gold Price (XAU/USD) remains on the front foot as bulls prod the early August swing high while keeping the reins past the $1,936-38 support confluence
. In doing so, the precious metal cheers the US Dollar’s retreat amid fears about the Federal Reserve’s policy pivot, especially after witnessing mostly downbeat figures in the last few days. With this, theApart from the softer US Dollar, China’s multiple measures to defend the world’s second-largest economy also propelled the XAU/USD price, due to the Dragon Nation’s status as one of the world’s biggest Gold customers.
Our Technical Confluence indicator suggests that the Gold Price floats firmly beyond the $1,936-38 support confluence comprising the Fibonacci 61.8% on one-month, 5-DMA and the lower band of the Bollinger on the four-hour play. It’s worth noting, however, that the Gold Price weakness past $1,936 will need validation from $1,932 to convince the sellers. That said, the stated support confluence includes the 50-DMA and Pivot Point one-day S1.
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