Gold Price Forecast: XAU/USD upside appears compelling beyond $1,834 – Confluence Detector By anilpanchal7 Gold Confluences RiskAppetite XAUUSD Commodities
futures and downbeat US Treasury yields as traders seek clear directions on the major central banks’ next moves. The market’s indecision joins a lack of major data/events to trigger gold’s consolidation move, as it braces for the first weekly gains in five. Moving on, a light calendar and mixed updates may keep the gold prices higher unless any surprise macro propels the US dollar buying. shows that the Gold Price stays firmer after crossing the Fibonacci 38.
It’s worth noting that Fibonacci 23.6% one-week and SMA100 on hourly chart portrays another important support around $1,820. Should the quote rises past $1,848, the Fibonacci 61.8% one-week and upper Bollinger on hourly play could lure the XAU/USD buyers around $1,855.The TCD 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 not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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