Gold is on the rise as the coronavirus outbreak has taken its toll on Apple, which warned that it will be unable to meet its guidance due to iPhone production issues. The safe-haven shiny metal is on the rise. How is XAU/USD positioned on the charts The Technical Confluences Indicator is showing that gold faces a relatively weak cluster of lines at $1,587, which includes the Bollinger Band 15min-Middle, the Simple Moving Average 5-1h, the SMA 10-15m, the previous hourly high, the BB 4h-Upper, the Fibonacci 161.8% one-day, and the previous 4h-high. Critical resistance is at $1,590, which is where the BB one-day Upper and the Fibonacci 23.6% one-month converge. Looking down, some support awaits at $1,584, which is the confluence of the SMA 50-15m, the previous weekly low, and the SMA 10-1h. XAU/USD has robust support at $1,576, which is a juncture of lines including the Fibonacci 38.2% one-week, the Pivot Point one-day Support 2, the SMA 5-one-day, the Fibonacci 38.2% one-month, and the SMA 100-1h. Here is how it looks on the tool: Confluence Detector The Confluence Detector finds exciting opportunities using Technical Confluences. The TC 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. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies. This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence adjacents price levels. These weightings mean that one price level without any indicator or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas. Learn more about Technical Confluence FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next RBA Minutes: Prepared to ease monetary policy further – ANZ FX Street 2 years Gold is on the rise as the coronavirus outbreak has taken its toll on Apple, which warned that it will be unable to meet its guidance due to iPhone production issues. The safe-haven shiny metal is on the rise. How is XAU/USD positioned on the charts The Technical Confluences Indicator is showing that gold faces a relatively weak cluster of lines at $1,587, which includes the Bollinger Band 15min-Middle, the Simple Moving Average 5-1h, the SMA 10-15m, the previous hourly high, the BB 4h-Upper, the Fibonacci 161.8% one-day, and the previous 4h-high. Critical resistance is at $1,590, which is where the BB… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.