Gold has been able to stage a comeback after the US reported an increase of only 49,000 jobs in January. The disappointing Nonfarm Payrolls report pushed the dollar lower. allowing precious metals to gain ground.
How is XAU/USD positioned on the technical graphs?
The Technical Confluences Indicator is showing that gold faces some resistance at around $1,813, which is the convergence of the Simple Moving Average 200’15m and the Bollinger Band one-day Lower.
Looking up, the upside target is $1,825, which is where the Pivot Point one-day Resistance 1 and the PP one-week S3 meet.
Looking down, some support awaits at $1,804, which is the confluence of the Fibonacci 38.2% one-day and the PP one-week Support 2.
Close by, $1.803 is another cushion. It is a cluster including the SMA 5-15m, the SMA 10-1h, and the previous monthly low.
Further down, distant support awaits at $1,785, which is a juncture including the BB 4h-Lower and the previous daily low.
XAU/USD resistance and support levels
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.
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