Gold has been making its way higher, trading above $1,950, after the initial volatility from Federal Reserve Chairman Jerome Powell's speech calmed down. In the aftermath of the choppy action, markets have adopted the narrative that the Fed's shift to allowing inflation to overheat is still meaningful – even though it has no imminent implications on policy.
Allowing consumer prices to rise and keeping rates low is music to the ears of those clinging to precious metals. XAU/USD has been on the rise. How is it positioned now?
The Technical Confluences Indicator is showing that gold's first soft cap is $1,958, which is the convergence of the Bollinger Band 15min-Middle, the Simple Moving Average 5-15m, and the SMA 5-1h.
Further above, the upside target is $1,976, which is where the Fibonacci 61.8% one-week and the previous daily high converge.
Support is at $1,951, which is the confluence of the Fibonacci 61.8% one-day and the Fibonacci 38.2% one-week.
Further down, strong support awaits at $1,935, which is the convergence of the Fibonacci 38.2% one-day, the BB 4h-Middle, the Fibonacci 23.6% one-week, the SMA 5-one-day, and the SMA 200-4h.
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.
Reprinted from fxstreet , the copyrights all reserved by the original author.
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