the next move of Gold for this week.
because of the fact that the the US Federal Reserve will start unwinding one pandemic-facility program boosted the dollar amid further tightening coming in the near-term, Gold benefited from the broad dollar’s weakness and settled at $1,890 a troy ounce. XAU/USD has staged a recovery in response to weak Nonfarm Payrolls figures.
The Confluence Detector shows that gold faces significant resistance only at $1,914. It has some resistance at $1,897, which is the convergence of the Simple Moving Average 50-4h, the Fibonacci 38.2% one-week and the SMA 5-one-day. The upside target is $1,914/6 , which is where the previous monthly high and the previous weekly high converge.
Some support is at $1,888, a level of confluence between the Fibonacci 61.8% one week and the SMA 50-1h.
Further down, the next cushion is $1,879, which is the Fibonacci 23.6% one-month and the Pivot Point one-week Support 1 hit the price.
The Confluence Detector shows that gold faces significant resistance only at $1,914. It has some resistance at $1,897, which is the convergence of the Simple Moving Average 50-4h, the Fibonacci 38.2% one-week and the SMA 5-one-day. The upside target is $1,914/6 , which is where the previous monthly high and the previous weekly high converge.
Some support is at $1,888, a level of confluence between the Fibonacci 61.8% one week and the SMA 50-1h.
Further down, the next cushion is $1,879, which is the Fibonacci 23.6% one-month and the Pivot Point one-week Support 1 hit the price.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.