The GOLD price has stabilized after regaining the eight-month high as traders look for new evidence to defend the fourth consecutive weekly increase. Trade-related concerns about China and the Federal Reserve’s (Fed) officials’ reluctance to back the pivot talks are likely to have weighed on the gold price. Nonetheless, the Fed’s talks foreshadowed gradual rate hikes after a disappointing US Consumer Price Index (CPI), which boosted XAU/USD values the day before.

However, other US consumer-centric statistics, including the Michigan Consumer Sentiment Index and Retail Sales, are expected to reinforce the precious metal’s recent bullish tilt.

According to the Technical Confluence Detector, the gold price is gaining momentum around the $1,900 critical level, where the pivot point one-week resistance and Bollinger Band 15-minute Upper combine.
The XAU/USD rally above $1,900 might target the $1,917–18 resistance confluence, where pivot point one-month resistance serves as the last line of defense for gold bears, a break of which could fast accelerate prices to a late-March 2022 peak around $1,965.

However, the pivot-point one-day R1, located near $1,910, serves as an upside filter for the GOLD price. Alternatively, on a one-day basis, the upper Bollinger Band joins the Fibonacci 23.6% to suggest $1,896 as approaching important support. A drop towards the $1,881 critical level, which includes the Fibonacci 61.8% one-day and pivot-point one-week R1, cannot be ruled out.

If GOLD prices continue to fall past $1,881, the pivot-point one-month resistance near $1,875 will serve as the last line of defense for XAU/USD bulls. Gold stays on the bull’s radar unless it breaks $1,875. On the other hand, the route to the north could be smoother.