Gold eyes $1,811 and $1,818 as the next bullish targets

December 19, 2021

The Technical Confluences Detector shows that the gold is trying hard to overcome the $1,808 barrier, which is the convergence of the SMA200 four-hour, pivot point one-day R1 and Fibonacci 161.8% one-week.

If the latter is scaled, then gold bulls will test minor resistance at $1,811, close to the previous high four-hour. Further up, the rally could gain traction towards the confluence of the pivot point one-week R3 and pivot point one-day R2 at $1,818.

The level to beat for gold bulls is seen at $1,820, the Bollinger band one-day Upper.

Alternatively, strong support awaits at $1,804, the intersection of the SMA10 one-hour and Fibonacci 38.2% one-month.

Selling interest could accelerate below the last, opening floors towards the $1800 threshold, below which $1,794 will come to the rescue of gold bulls. At that point, the Fibonacci 23.6% one-day coincides with the pivot point one-week R1 and the previous week’s high.

The last line of defense for buyers is seen at $1,790, the meeting point of the Fibonacci 38.2% one-day and SMA100 one-day.

Gold price is riding higher on the hawkish central banks’ decisions and year-end flows, having taken out the critical $1,800 mark. The US dollar and yields lick their wounds, lending support to gold pic.twitter.com/rXm3MpZIVi

— 360ForexSignals.com (@petromenea) December 19, 2021