Gold – Holding gains but a few big tests lie above

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<li><strong>Stalling at $1,960</strong></li>
<li><strong>Key fib levels remain a big test</strong></li>
</ul>
<p>Gold is also trading marginally higher today and struggling around a notable resistance level, $1,960.</p>
<p>It broke through $1,940 yesterday on the back of the inflation numbers and has now entered retracement territory where a few key levels will be put to the test.</p>
<p>From a technical standpoint, those are the 38.2%, 50%, and 61.8% Fibonacci retracement levels – May highs to June lows – which happen to fall around $1,960, $1,980, and $2,000, respectively.</p>
<p><strong>Gold Daily</strong></p>
<p><a href="https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-13_17-42-57.png" target="_blank" rel="noopener"><img loading="lazy" class="aligncenter wp-image-806365" src="https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-13_17-42-57-1024×511.png" alt="" width="620" height="309" srcset="https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-13_17-42-57-1024×511.png 1024w, https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-13_17-42-57-300×150.png 300w, https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-13_17-42-57-768×383.png 768w, https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-13_17-42-57-1536×766.png 1536w, https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-13_17-42-57.png 1835w" sizes="(max-width: 620px) 100vw, 620px" /></a></p>
<p>Source – OANDA on Trading View</p>
<p>A break of these may indicate that gold is back in bullish territory, although the price may face some resistance in the interim.</p>
<p>A look at the 4-hour chart supports the more bullish view in gold but there is scope for corrective moves along the way. We’ve seen some consolidation since breaking $1,940 – which also saw the price break above the 200/233-period simple moving average band. Price has been quite responsive to this in the past.</p>
<p>If the price does pull back a little, it will be interesting to see whether it tests $1,940 from above, with a rotation off here viewed to be confirmation of the initial breakout and a bullish signal. Especially with it coinciding with that SMA band.</p>
<p><strong>Gold 4-Hour</strong></p>
<p><a href="https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-13_17-48-30.png" target="_blank" rel="noopener"><img loading="lazy" class="aligncenter wp-image-806366" src="https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-13_17-48-30-1024×511.png" alt="" width="620" height="309" srcset="https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-13_17-48-30-1024×511.png 1024w, https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-13_17-48-30-300×150.png 300w, https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-13_17-48-30-768×383.png 768w, https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-13_17-48-30-1536×766.png 1536w, https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-13_17-48-30.png 1835w" sizes="(max-width: 620px) 100vw, 620px" /></a></p>
<p>Source – OANDA on Trading View</p>