Gold is trying hard to extend the bounce from Wednesday’s slide to $1925 region, as the US dollar clings onto the post-FOMC minutes gains despite the weakness in the Treasury yields. The risk-averse market conditions amid doubts over the US economic recovery continue to offer support to the metal ahead of the US Jobless Claims data. How is gold positioned technically? Gold: Key resistances and supports The tool shows that gold is ranging below the powerful resistance around $1955, where the previous high and SMA5 on four-hour coincide. Above that hurdle, the price could battle $1957, the convergence of the Fibonacci 61.8% one-day and Bollinger Band 15-minutes Upper. Acceptance above the latter could trigger a fresh uptick to the next target at $1963, the SMA5 on one-day. Further north, $1970 will be put to test, which is the confluence of the SMA100 one-hour and Bollinger Band one-day Middle. To the downside, the immediate cushion is seen at the Fibonacci 23.6% one-day at $1944, below which the Fibonacci 38.2% one-week at $1935 will get tested. The buyers could remain hopeful so long as it holds above the critical $1931 support, which is the Fibonacci 23.6% one-month. Here is how it looks on the tool About the Confluence Detector The TCI (Technical Confluences Indicator) 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. 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 RBNZ: Negative OCR to dampen the kiwi – Westpac FX Street 2 years Gold is trying hard to extend the bounce from Wednesday’s slide to $1925 region, as the US dollar clings onto the post-FOMC minutes gains despite the weakness in the Treasury yields. The risk-averse market conditions amid doubts over the US economic recovery continue to offer support to the metal ahead of the US Jobless Claims data. How is gold positioned technically? Gold: Key resistances and supports The tool shows that gold is ranging below the powerful resistance around $1955, where the previous high and SMA5 on four-hour coincide. Above that hurdle, the price could battle $1957, the convergence of the… 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.
