The gold sell-off continues – well after the precious metal lost the $2,000 level. As US bond yields rise, gold becomes less attractive. More importantly, traders who sent the stock all the way to a record high of $2,075 may now be taking profits to the bank. Sino-American tensions, fiscal stimulus speculation, and coronavirus figures are all eyed. How is XAU/USD technically positioned? The Technical Confluences Indicator is showing that gold has significant support at $1,931, which is where the all-important Fibonacci 23.6% one-month and the previous 15-min low converge. The next cushion is at $1,925, which is where the Bollinger Band one-day Middle hits the price. Looking up, minor resistance awaits at $1,955, which is a confluence line including the Simple Moving Average 100-4h, the BB 15min-Lower, and the previous 1h-low. A more significant hurdle – critical to gold’s recovery – is $1,961 which is where the SMA 5-15m meets the crucial previous weekly low. Key XAU/USD resistances and supports 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. 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 Preview: Eight major banks expectations FX Street 2 years The gold sell-off continues – well after the precious metal lost the $2,000 level. As US bond yields rise, gold becomes less attractive. More importantly, traders who sent the stock all the way to a record high of $2,075 may now be taking profits to the bank. Sino-American tensions, fiscal stimulus speculation, and coronavirus figures are all eyed. How is XAU/USD technically positioned? The Technical Confluences Indicator is showing that gold has significant support at $1,931, which is where the all-important Fibonacci 23.6% one-month and the previous 15-min low converge. The next cushion is at $1,925, which is where the Bollinger Band… 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.
