Gold Price Forecast: $1,788 appears a tough nut to crack for XAU/USD bulls – Confluence Detector Gold Confluences Commodities Fed XAUUSD
eserve and the European Central Bank at their respective monetary policy meetings. Both central banks remain committed to keeping interest rates higher until inflation is brought down in a sustained manner. The non-interest-bearing Gold price tends to suffer in a higher interest rates environment. The latest bounce in the bright metal could be linked to the retreat in the US Dollar across the board, as the dust settles over the bumper central bankers’ events.
A firm break above the latter will add extra zest to the recovery in Gold price, allowing a test of the powerful resistance at around $1,788. That level is the confluence of the previous month’s high, SMA200 one-day, Fibonacci 38.2% one-day and SMA10 one-day. Alternatively, strong support awaits at the Fibonacci 23.6% one-week at $1,777, below which the previous day’s low at $1,774 will get retested.Here is how it looks on the toolThe TCD is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages,, 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.
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