Gold has been on the back foot after Federal Reserve Chair Jerome Powell seemed reluctant to intervene and lower bond yields. Higher returns on US debt make the yieldless precious metal less attractive to investors. However, markets seem to have stabilized after US Nonfarm Payrolls rose by 379,000. In the meantime, here is how XAU/USD is positioned on the charts. The Technical Confluences Detector is showing that gold faces some resistance at around $1,700. Apart from being a round number, that level is also the convergence of the Bollinger Band one-day Lower, the Simple Moving Average 100-15m, the previous 4h-high, and the BB 1h-Upper. Critical resistance awaits at $1,718, which is a cluster of lines including the Pivot Point one-day Resistance 1, the previous monthly low, and the SMA 100-1h. Support awaits at $1,691, which is the confluence of the previous daily low, the PP one-week S1, and the previous 4h-low. Further down, the downside target is $1,673, which is the meeting point of the PP one-month S1 and the PP one-day S2. 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 USD/MXN Price Analysis: Mexican peso under pressure amid risk aversion, eyes 21.50 FX Street 1 year Gold has been on the back foot after Federal Reserve Chair Jerome Powell seemed reluctant to intervene and lower bond yields. Higher returns on US debt make the yieldless precious metal less attractive to investors. However, markets seem to have stabilized after US Nonfarm Payrolls rose by 379,000. In the meantime, here is how XAU/USD is positioned on the charts. The Technical Confluences Detector is showing that gold faces some resistance at around $1,700. Apart from being a round number, that level is also the convergence of the Bollinger Band one-day Lower, the Simple Moving Average 100-15m, the previous… 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.