Gold (XAU/USD) continues to face rejection at higher levels, as the US dollar attempts a tepid bounce from multi-week lows amid covid vaccine and China concerns-led risk-aversion. Also, investors could resort to profit-taking on their dollar trades after the recent sell-off and ahead of the critical US Jobless Claims and Retail Sales data. Gold fell on Wednesday amid a steady recovery in the US Treasury yields across the curve. However, the metal remained in a familiar range, with a breakout awaited on the US data release. In the meantime, how is gold positioned on the charts? Gold Price Chart: Key resistance and support levels The Technical Confluences Detector shows that gold’s upside is capped near $1741, where the Fibonacci 38.2% one-day, SMA50 four-hour and Bollinger Band four-hour Middle converge. A dense cluster of healthy resistance levels then awaits the XAU bulls around $1745, the intersection of the SMA5 one-day, Fibonacci 61.8% one-day and Fibonacci 38.2% one-week. Further, fierce resistance at $1750 will continue to test the bulls’ commitments. At that level, the previous day high coincides with the Fibonacci 23.6% one-week. The next upside target is aligned at the pivot point one-month R1 at $1753. On the flip side, strong support near $1735, the confluence of the Fibonacci 23.6% one-day, SMA10 one-day and Fibonacci 61.8% one-week, is likely to guard the immediate downside. The previous day low of $1733 could offer some support to the XAU bulls, below which powerful cap awaits at $1728, the Fibonacci 61.8% one-month. The meeting point of the pivot point one-month and Tuesday’s low at $1724 could be a tough nut to crack for the 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. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Ethereum Price Prediction: ETH bulls eye $2,500 after shattering crucial resistance level FX Street 2 years Gold (XAU/USD) continues to face rejection at higher levels, as the US dollar attempts a tepid bounce from multi-week lows amid covid vaccine and China concerns-led risk-aversion. Also, investors could resort to profit-taking on their dollar trades after the recent sell-off and ahead of the critical US Jobless Claims and Retail Sales data. Gold fell on Wednesday amid a steady recovery in the US Treasury yields across the curve. However, the metal remained in a familiar range, with a breakout awaited on the US data release. In the meantime, how is gold positioned on the charts? Gold Price… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.