Gold faced rejection at strong resistance around $1743, which is the confluence of the pivot point one-day S1 and Fibonacci 38.2% one-month.
If the abovementioned hurdle is cleared, then gold bulls will look to test the previous day low of $1745.
Further up, gold buyers will need a lot of conviction to take out a bunch of key resistance levels stacked up around $1750. At that level, the SMA10 four-hour, Fibonacci 38.2% one-day and Fibonacci 23.6% one-week coincide.
The next relevant upside target is seen at the Fibonacci 61.8% one-day at $1754.
On the flip side, immediate support awaits at $1734, the Bollinger Band one-day Lower.
If the selling pressure intensifies then a test of the pivot point one-week S1 at $1730 remains inevitable. Minor support at $1727, the pivot point one-day S3 will come into play.
Gold bulls will then look forward to temporary respite near $1724, where pivot point one-month S1 lies.
If the abovementioned hurdle is cleared, then gold bulls will look to test the previous day low of $1745.
Further up, gold buyers will need a lot of conviction to take out a bunch of key resistance levels stacked up around $1750. At that level, the SMA10 four-hour, Fibonacci 38.2% one-day and Fibonacci 23.6% one-week coincide.
The next relevant upside target is seen at the Fibonacci 61.8% one-day at $1754.
On the flip side, immediate support awaits at $1734, the Bollinger Band one-day Lower.
If the selling pressure intensifies then a test of the pivot point one-week S1 at $1730 remains inevitable. Minor support at $1727, the pivot point one-day S3 will come into play.
Gold bulls will then look forward to temporary respite near $1724, where pivot point one-month S1 lies.