Despite failing to cross a fortnight-old descending resistance line, near $1,930 at the latest, the Gold Price remains well above the $1,917 support confluence comprising the 200-Hour Moving Average (HMA) and a four-day-old rising support line, which in turn keeps the XAU/USD bulls hopeful of poking the stated resistance line for one more time.
It should be observed that the 50% Fibonacci retracement of the quote’s weakness between June 16 and 29, adds strength to the $1,930 resistance comprising the previously mentioned falling trend line.
Following that, a quick jump towards the 61.8% Fibonacci retracement, also known as the golden Fibonacci ratio, near $1,940, can’t be ruled out.
However, a convergence of the 100-DMA and a downward-sloping resistance line from early June on the daily chart, around $1,945, appears a tough nut to crack for the Gold buyers afterward.
Meanwhile, a downside break of the $1,917 support confluence will need validation from the 23.6% Fibonacci retracement level of around $1,910 before directing the Gold bears toward the previous monthly low, also the lowest level since March, around $1,893.
