Gold Price (XAU/USD) remains on the back foot for the fourth consecutive day even as the bears struggle to gain market acceptance ahead of the top-tie
r US data. In doing so, the yellow metal portrays the trader’s cautious optimism as full markets return after a long weekend in the US.
Moving on, the full markets’ reaction to the latest shift in sentiment and today’s US Factory Orders for July, as well as the Fed concerns, will be important to watch for clear directions.Gold Price: Key levels to watch That said, a convergence of the Pivot Point one-day S1, Fibonacci 61.8% on one-month and the lower band of the Bollinger on the 4H restricts the immediate downside of the Gold Price near $1,935.
Alternatively, a convergence of the Fibonacci 38.2% on one-day and the middle band of the Bollinger on 4H, close to $1,945, guards immediate recovery of the Gold Price.
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