Gold Price Forecast: XAU/USD sellers eye $1,915 and US inflation – Confluence Detector – by anilpanchal7 Gold XAUUSD Confluences Inflation RiskAversion
Hawkish Fed talks, pre-data positioning defend US Dollar bulls and weigh on XAU/USD price.
It’s worth noting that Friday’s downbeat prints of the US Nonfarm Payrolls joined the mixed Fed signals to trigger the US Dollar’s retreat from a multi-day high, which in turn allowed the Gold Price to recover from a multi-day-old support line. However, the weekend comments from Fed Governor Michelle Bowman appear hawkish and join the looming geopolitical fears surrounding China to exert downside pressure on the XAU/USD.
That said, Fibonacci 61.8% on one-month, around $1,935 by the press time, acts as the last defense of the Gold buyers, a break of which could quickly drag the quote toward $1,915 support confluence encompassing Pivot Point one-month S1 and one-day S2. Following that, the previous daily high and the upper band of the Bollinger on the hours chart could test the XAU/USD run-up near $1,948.
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