Gold price trades in a narrow band $1,930 on Wednesday after having declined sharply on Tuesday.
The Gold Price has already breached the two short-term key supports around $1,936 and $1,931 respectively. However, the $1,930 round figure and the previous bottom of around $1,925 prods the XAU/USD bears on an important day.
That said, the Gold Price presently seesaws around $1,930 support confluence comprising Pivot Point one-week S1.
Following that, the Pivot Point one-day S1 will act as the final defense of the XAU/USD bulls around $1,925, a break of which could drag the Gold bears toward the $1,900 round figure.
Meanwhile, the previous monthly low of around $1,931 prods the Gold buyers ahead of the Fibonacci 23.6% on the daily and weekly chart, around $1,936.
It’s worth noting that the Gold Price run-up beyond $1,936 will need to stay firmer past the $1,945 hurdle comprising the Fibonacci 38.2% on the weekly chart to push back the bearish bias.