Gold Price Analysis: XAU/USD recaptures $1,800, 200-day SMA, levels to watch – Confluence Detector

London (Dec 1)  A December to remember for gold? The precious metal has kicked off the last month of the year with a bang – jumping back above $1,800 and reversing its losses in late November. The market has returned to an upbeat mood and XAU/USD is rising with stocks once again.

What are the next levels to watch?

The Technical Confluences Indicator is showing that some weak resistance awaits at $1,806, where the Fibonacci 161.8% one-day awaits the price.

A critical cap is at $1,812, which is a dense cluster of levels including the Pivot Point one-day Resistance 3, the Fibonacci 38.2% one-week, and the  Fibonacci 23.6% one-month.

Support is found at $1,799, which is the convergence of the Bollinger Band 15min-Upper, the Fibonacci 23.6% one-week, and the all-important 200-day Simple Moving Average.

Another noteworthy cushion awaits at around $1,790, which is the confluence of the previous daily high and the PP one-day R1.

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