News | Forex Optimum

News

News

Gold Price Forecast: XAU/USD eyes $1801 as the next bullish target – Confluence Detector

  • Gold price hits fresh five-day tops at $1795 amid risk-on mood, USD pullback.
  • Listless US Treasury yields support gold price, as inflation risks loom.
  • Gold: Sellers defend $1,800, all eyes on US T-bond yields.

Gold price is approaching the $1800 mark, holding near the highest levels in five days, as the US dollar fades its recovery rally amid improving market mood. although the bulls appear to lack follow-through upside amid a rebound in the US dollar across the board. Gold price remains undeterred by the record run on the Wall Street indices, as growing inflation fears amid supply bottlenecks and rising energy prices, continue to benefit the traditional inflation hedge. However, it remains to be seen if gold price can hold the fort, in the face of persistent Fed’s tapering expectations.

Read: Gold Price Forecast: XAU/USD eyes a firm break above $1795 amid growing inflation fears

Gold Price: Key levels to watch

The Technical Confluences Detector shows that gold is cheering a fresh bid-wave, as it approaches a critical hurdle at $1795-$1796, which is the convergence of the pivot point one-day R2 and Bollinger Band one-day Upper.

The next stop for gold bulls is seen at the confluence of the previous week’s high and the pivot point one-day R3 at $1801.

A sustained break above the latter will open doors for a fresh rally towards the mid-September highs of $1809.

On the flip side, a dense cluster of support levels around $1789 caps the immediate downside. At that level, the previous day’s high coincides with the pivot point one-day R1 and Fibonacci 23.6% one-week.

The next downside target is envisioned at $1786, which is the Fibonacci 23.6% one-day

Sellers will then look to test critical support at $1783, the intersection of the SMA10 four-hour, Fibonacci 38.2% one-day and SMA50 one-hour.

The last line of defense for gold bulls is seen at $1781, the Fibonacci 61.8% one-day’s and Fibonacci 38.2% one-week’ meeting point.

Here is how it looks on the tool

fxsoriginal

About Technical Confluences Detector

The TCD (Technical Confluences Detector) 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 you are a medium-to-long-term trader, this tool will allow you to know in advance the price levels where a medium-to-long-term trend may stop and rest, where to unwind positions, or where to increase your position size.

You may also be interested:

22:39 26.11.2021
GBP/USD steady around 1.3340 amid a risk-off market mood
The discovery of a new COVID-19 variant in South Africa that could be harder to combat spurred risk-off market mood. The British pound fell on COVID-19 new variant though ended the day in the green, up 0.09%. GBP/USD upward move caused by US dollar weakness. The British pound recovers from earlier losses during the day, despite risk-of-market sentiment clouding the financial markets due to discovering a new COVID-19 variant in South Africa. At the time of writing, the GBP/USD is trading at
21:56 26.11.2021
EUR/GBP spikes higher towards 0.8500 as markets dial down global central bank rate hike bets
EUR/GBP spiked towards 0.8500 on Friday as markets were rocked by the latest Covid-19 developments. The pair benefitted from a moderation of global central bank rate hikes. EUR/GBP saw sharp upside on the final trading day of the week, surging from close to the 0.8400 level to print session highs near 0.8500. As trade draws to a close for the week a little earlier than usual thanks to the US Thanksgiving holiday weekend, the pair is trading in the 0.8480 area with on-the-day gains of about
Deposit
options
Trading
platform
download
Bonuses VIP