Gold Price Forecast: XAU/USD portrays bearish consolidation below $1,930 hurdle – Confluence Detector

• Gold Price stays defensive after bouncing off short-term key support, stays below $1,930 resistance confluence.
• Mixed concerns about China, Fed’s next moves prod XAU/USD traders ahead of the key FOMC Minutes, US NFP.
• US ISM Manufacturing PMI, risk catalysts will direct intraday moves.

Gold Price (XAU/USD) struggles to extend late last week’s corrective bounce off the three-month low as market players await top-tier data events. Also acting as trading filters for the XAU/USD are mixed concerns about the US Treasury Secretary Janet Yellen’s China visit and the Federal Reserve’s (Fed) rate hike moving in July and afterward. It should be noted that Friday’s easy prints of the US Personal Consumption Expenditure (PCE) Price Index for May, as well as softer outcomes of the US spending survey released previously, prod the Fed talks suggesting two more rate hikes in 2023. Elsewhere, the upbeat performance of equities also diverts the funding towards the shares, from the bullions, which in turn limits the Gold Price moves

Above all, the cautious mood ahead of this week’s Federal Open Market Committee (FOMC) Monetary policy meeting Minutes and the US jobs report for June restricts the Gold Price momentum of late. For the day, US ISM Manufacturing PMI will be important to watch.

Also read: Gold Price Forecast: XAU/USD looks south toward $1,890 ahead of US ISM Manufacturing PMI

Gold Price: Key levels to watch

As per our Technical Confluence Indicator, the Gold Price remains sidelined between the $1,915 and $1,930 trading range. However, the road towards the north appears bumpier and joins the multiple fundamental challenges to pod the XAU/USD bulls.

That said, Fibonacci 38.2% on one-month joins Pivot Point one-day R1 to restrict the bullion’s immediate upside near $1,930.

Following that, the previous weekly high of around $1,934 may prod the Gold buyers before directing them to a convergence of the Pivot Point one-week R1 and the middle band of the Bollinger on one-day, close to $1,940.

Meanwhile, Fibonacci 23.6% on one-day and 61.8% on one-week together highlight $1,918 as the immediate support.

However, major attention is given to the $1,915 support encompassing the Fibonacci 38.2% on one-day and 23.6% on one-month, as well as the 5-DMA.

Should the quote breaks the $1,915 support, minor supports near $1,904 and the $1,900 round figure may prod the Gold sellers.

Here is how it looks on the tool

About Technical Confluences Detector

The TCD (Technical Confluences Detector) is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc.  If you are a short-term trader, you will find entry points for counter-trend strategies and hunt a few points at a time. If you are a medium-to-long-term trader, this tool will allow you to know in advance the price levels where a medium-to-long-term trend may stop and rest, where to unwind positions, or where to increase your position size