Gold has been drifting higher as the market mood improves and US Treasury yields play a more limited role in determining the market direction. The precious metal is able to shine while other commodities are under pressure – concerns of a slow exit from the covid crisis have resurfaced. How is XAU/USD positioned on the charts? The Technical Confluences Detector is showing that gold is well-supported at $1,724, which is the convergence of the Bollinger Band 1h-Lowe,r the BB one-day Middle, the previous 1h-Low, the Pivot Point one-week Support 1, and other lines. Another cushion awaits the yellow metal at $1,715, which is the meeting point of the previous month’s low and the PP one-day S1. Immediate resistance awaits at $1,734, which is the confluence of the ten-day Simple Moving Average, the SMA 50-4h and the SMA 200-1h. The upside target for XAU/USD bulls is $1,741, which is a juncture including the PP one-day Resistance 1 and the Fibonacci 38.2% one-day. XAU/USD resistance and support levels 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 US: NY Fed’s GDP Nowcast drops to 6.1% for Q1 after this week’s data FX Street 8 months Gold has been drifting higher as the market mood improves and US Treasury yields play a more limited role in determining the market direction. The precious metal is able to shine while other commodities are under pressure - concerns of a slow exit from the covid crisis have resurfaced. How is XAU/USD positioned on the charts? The Technical Confluences Detector is showing that gold is well-supported at $1,724, which is the convergence of the Bollinger Band 1h-Lowe,r the BB one-day Middle, the previous 1h-Low, the Pivot Point one-week Support 1, and other lines. Another cushion awaits the yellow metal… Top 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.
