Gold is a chemical element with the symbol Au (from Latin aurum 'gold') and atomic number 79. This makes it one of the higheratomic-number elements that occur naturally. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile metal in pure form. Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements and is solid under standard conditions.
As per our Technical Confluence Indicator, Gold price remains firmer past the key $2,010 support confluence comprising Fibonacci 61.8% on one-week, 38.2% on one-month and middle band of the Bollonger on hourly chart.
With this, the XAU/USD snaps three-day downtrend while approaching $2,021 immediate upside hurdle encompassing the middle band of the Bollinger on four-hour play.
Following that, the 50-SMA on four-hour, near $2,030, may prod the Gold buyers before directing them to the key $2,050 hurdle comprising multiple tops marked since mid-April.
Meanwhile, a downside break of $2,010 wont hesitate to direct the Gold price toward the $2,000 psychological magnet, also including the Pivot Point one-day S1 and the previous daily low.
Should the XAU/USD remains below $2,000, the $1,995 may act as an intermediate halt during the likely slump toward the previous monthly low of near $1,969.