Gold (XAU/USD) is on a steady corrective decline so far this Friday, weighed down by a 5bps recovery rally in the US 10-year Treasury yields, Meanwhile, mixed Chinese data and growing covid concerns worldwide re-ignite the haven demand for the US dollar, exerting additional downward pressure on gold. Gold reached two-month highs at $1770 on Thursday, underpinned by the dovish Fed expectations that fuelled a sell-off in the US rates across the curve. Focus shifts to the US UoM Consumer Sentiment data for fresh cues on gold. In the meantime, let’s see how is the metal positioned on the technical graphs? Gold Price Chart: Key resistance and support levels The Technical Confluences Detector shows that gold is battling key support around $1760, which is the convergence of the previous month high, Fibonacci 23.6% one-day and pivot point one-week R1. The next cushion is seen at the Fibonacci 38.2% one-day at $1756. Further south, the sellers need acceptance below $1754 to negate the near-term upbeat momentum. That level is the intersection of the SMA50 one-day and pivot point one-month R1. The Fibonacci 23.6% one-week at $1750 could help limit the corrective pullback. The bears could test the bullish commitments at $1748, the meeting point of the Fibonacci 61.8% one-day and SMA50 one-hour. Alternatively, if the uptrend resumes, the immediate resistance is aligned at the previous high four-hour at $1765. Further up, the two-month tops at $1770 could offer stiff resistance, above which a rally towards the pivot point one-day R1 at $1778 cannot be ruled out. Here is how it looks on the tool 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. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies. 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 XRP Price Prediction: Ripple bulls plan comeback with 30% rally FX Street 2 years Gold (XAU/USD) is on a steady corrective decline so far this Friday, weighed down by a 5bps recovery rally in the US 10-year Treasury yields, Meanwhile, mixed Chinese data and growing covid concerns worldwide re-ignite the haven demand for the US dollar, exerting additional downward pressure on gold. Gold reached two-month highs at $1770 on Thursday, underpinned by the dovish Fed expectations that fuelled a sell-off in the US rates across the curve. Focus shifts to the US UoM Consumer Sentiment data for fresh cues on gold. In the meantime, let's see how is the metal positioned on the technical… 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.
