• Gold price is testing bearish commitments ahead of the critical US NFP.
• The US dollar firms further as Treasury yields rebound. Peace talks also eyed.
• Gold Price Analysis: XAU/USD flirts with a key daily 61.8% golden ratio.

Gold price has kicked off a new quarter on a positive note, consolidating the recent recovery ahead of the all-important US Nonfarm Payrolls release. This week’s corrective pullback in the US Treasury yields across the curve has boded well for the non-yielding gold, as the bond rout took a breather. Looking forward, it remains to be seen if gold price can sustain the upside, as investors await the US jobs data, which will likely seal in a 50bps May Fed rate hike. Also, in focus remains the Russia-Ukraine online peace talks due later this Friday.

Read: US March Nonfarm Payrolls Preview: Analyzing gold's reaction to NFP surprises

Gold Price: Key levels to watch

The Technical Confluences Detector shows that gold price is testing the Fibonacci 38.2% one-day at $1,939, as it target the next upside target at $1,943 – the Fibonacci 23.6% one-day.

Gold bulls need to crack the $1,946, the Fibonacci 38.2% one-week, to accelerate the bullish moves towards $1,953. That level is the confluence of the Fibonacci 23.6% one-week, Bollinger Band one-day Middle and pivot point one-day R1.

The intersection of the previous year’s high and the Fibonacci 61.8% one-month at $1,960 will be the level to beat for gold buyers.

On the flip side, the immediate cushion is seen at $1,935, where the SMA5 one-day converges with the SMA200 four hour.

Acceptance below the latter will call for a test of the $1,931 demand area, the Fibonacci 61.8% one-week and one-day.

The next relevant downside cap is pegged at $1,925, which is the pivot point one-week S1.

Here is how it looks on the tool

About Technical Confluences Detector

The TCD (Technical Confluences Detector) is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc.  If you are a short-term trader, you will find entry points for counter-trend strategies and hunt a few points at a time. If you are a medium-to-long-term trader, this tool will allow you to know in advance the price levels where a medium-to-long-term trend may stop and rest, where to unwind positions, or where to increase your position size.