Gold has been battling its way back up after a setback at the early hours of August. Are bulls ready to push it to new all-time highs? The move substantially depends on the next swings in the dollar. After a horrible July, the greenback advanced bounced back. Nevertheless, concerns about the US economy amid raging coronavirus cases and deaths could weaken the world’s reserve currency. XAU/USD seems well-positioned to take advantage of the next bout of buck selling to move toward higher ground, especially after topping a strong resistance line that had been capping it during long hours. The Technical Confluences Indicator is showing that gold is trading above a dense cluster of technical levels concentrated around $1,965. This juncture includes the Fibonacci 61.8% one-day, the Bollinger Band 4h-Middle, the Fibonacci 23.6% one-week, and the BB 1h-Lower. From that springboard, XAU/USD has room to rise, with the initial soft resistance awaiting at $1,973, which is the convergence of the Simple Moving Average 100-15m, the Fibonacci 38.2% one-day, the BB 15min-Upper, and the BB 1h-Middle. Further above, the next target is $1,986, which is the meeting point of the previous day’s high and the BB 4h-Upper. From there, only soft caps await the precious metal on its way to $2,000. Below $1965, support awaits at $1,955, which is a confluence of levels including the previous daily high and the Fibonacci 38.2% one-week. All in all, the path of least resistance is to the upside. 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 S&P 500 Index clings to gains after Florida reports 4,752 new COVID-19 cases FX Street 3 years Gold has been battling its way back up after a setback at the early hours of August. Are bulls ready to push it to new all-time highs? The move substantially depends on the next swings in the dollar. After a horrible July, the greenback advanced bounced back. Nevertheless, concerns about the US economy amid raging coronavirus cases and deaths could weaken the world's reserve currency. XAU/USD seems well-positioned to take advantage of the next bout of buck selling to move toward higher ground, especially after topping a strong resistance line that had been capping it during long hours. The Technical Confluences… 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.
