Gold (XAU/USD) is consolidating its solid recovery from multi-month troughs on Wednesday, as the upbeat market mood weighs on the traditional safe-haven. The vaccine optimism seems to have helped the risk-recovery, especially after US President announced the US will have enough vaccine supply significantly sooner, which will cover all adults by the end of May. Gold staged a $30 rebound on Tuesday from $1707 after the retreat in the US Treasury yields calmed the markets and diminished the haven demand for the US dollar. Gold traders now await the critical US ADP jobs and ISM Services PMI data while keeping a close eye on the US $.9 trillion stimulus bill. How is gold positioned on the technical charts? Gold Price Chart: Key resistance and support levels The Technical Confluences Detector shows that gold is battling a major resistance at $1739/40, which is the convergence of the previous high four-hour, Fibonacci 23.6% one-week and the previous day high. The next upside target is placed at $1755, where the Fibonacci 23.6% one-month lies. Acceptance above the latter could trigger a sharp rally towards the $1773 zone, where the SMA10 one-day, SMA100 one-hour and SMA50 four-hour coincide. To the downside, immediate cushion awaits at $1730, the intersection of the Fibonacci 23.6% one-day, previous low one-hour and Bollinger Band one-hour Middle. The sellers will then challenge significant support at $1726, the Fibonacci 38.2% one-day. Further south, the bears need to crack $1717 to resume the downtrend. That level is the confluence of the previous month and week lows. The previous day low at $1707 would be back in play, subsequently. 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 Asian Stock Market: Hopes of further stimulus, strong economy favor bulls ahead of key data/events FX Street 1 year Gold (XAU/USD) is consolidating its solid recovery from multi-month troughs on Wednesday, as the upbeat market mood weighs on the traditional safe-haven. The vaccine optimism seems to have helped the risk-recovery, especially after US President announced the US will have enough vaccine supply significantly sooner, which will cover all adults by the end of May. Gold staged a $30 rebound on Tuesday from $1707 after the retreat in the US Treasury yields calmed the markets and diminished the haven demand for the US dollar. Gold traders now await the critical US ADP jobs and ISM Services PMI data while keeping… 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.