Gold approaches major resistance

During today's session gold price bounced off recent lows above the $1,800 an ounce mark, a level not seen since December 2022. Upward move gained steam after publication of latest Conference Board consumer confidence figures.  Price is currently approaching crucial support at $1830, which is marked with previous price reactions, upper limit of local 1:1 structure and 38.2% Fibonacci retracement of the upward wave started in March 2020.  Should break lower occur, upward move may accelerate towards the key resistance zone between $1868 - 1875 an ounce. On the  other hand, if sellers manage to halt declines around $1830 level, another downward impulse may be launched towards psychological support at $1800. 

GOLD, H4 interval. Source: xStation5