Gold has been attempting to recover from the blow dealt by the Federal Reserve – which is reluctant to provide further stimulus despite a highly uncertain outlook. Will the precious metal receive help from Uncle Sam? Republicans and Democrats are deliberating a package worth around $1.5 trillion, but lawmakers are far from a deal.
As the trading week draws to an end, technicals may provide XAU/USD reasons to rise.
The Technical Confluences Indicator is showing that Gold has strong support at around $1,943, which is the convergence of the 10-day Simple Moving Average, the Fibonacci 38.2% one-month, the Bolinger Band one-day Middle, and more.
From there, XAU/USD may begin looking up. A significant hurdle awaits at $1,951, which is a cluster of lines including the Fibonacci 61.8% one-day, the SMA 5-4h, the SMA 5-15m, and the SMA 5-one-day.
Further above, the upside target remains the stubborn $1,969, which is where the Pivot Point one-week Resistance 1 and the previous weekly high.
If the precious metal slips lower, a noteworthy cushion awaits at $1,928, which is where the Fibonacci 61.8% one-week hits the price.
Key XAU/USD resistances and supports
Confluence Detector
The Confluence Detector finds exciting opportunities using Technical Confluences. The TC 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. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.
Learn more about Technical Confluence
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Gold has been attempting to recover from the blow dealt by the Federal Reserve – which is reluctant to provide further stimulus despite a highly uncertain outlook. Will the precious metal receive help from Uncle Sam? Republicans and Democrats are deliberating a package worth around $1.5 trillion, but lawmakers are far from a deal.
As the trading week draws to an end, technicals may provide XAU/USD reasons to rise.
The Technical Confluences Indicator is showing that Gold has strong support at around $1,943, which is the convergence of the 10-day Simple Moving Average, the Fibonacci 38.2% one-month, the Bolinger Band one-day Middle, and more.
From there, XAU/USD may begin looking up. A significant hurdle awaits at $1,951, which is a cluster of lines including the Fibonacci 61.8% one-day, the SMA 5-4h, the SMA 5-15m, and the SMA 5-one-day.
Further above, the upside target remains the stubborn $1,969, which is where the Pivot Point one-week Resistance 1 and the previous weekly high.
If the precious metal slips lower, a noteworthy cushion awaits at $1,928, which is where the Fibonacci 61.8% one-week hits the price.
Key XAU/USD resistances and supports
Confluence Detector The Confluence Detector finds exciting opportunities using Technical Confluences. The TC 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. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.
Learn more about Technical Confluence
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.