Gold (XAU/USD) is holding the higher amidst persistent downbeat mood seen around the US dollar, as the optimism over an imminent Brexit deal dents greenback’s safe-haven appeal. Additionally, expectations of a US stimulus deal continue to bode well for the metal, as markets ignored President Donald Trump’s call to amend a $900bn covid relief bill. Pre-Christmas light trading is likely to persist, which could exaggerate the price movements. How is gold positioned on the charts? Gold Price Chart: Key resistances and supports The Technical Confluences Indicator shows that the XAU/USD pair is challenging a key barrier at $1880, which is the convergence of the previous day high and Fibonacci 23.6% one-week. Acceptance above the latter could open doors towards the next major resistance at $1890, the Fibonacci 61.8% one-month. The intersection of the previous week high and the psychological magnet near $1898-1900 will be next on the buyers’ radars. Further north, $1902 could challenge the bulls’ commitment. That level is the SMA100 one-day. Alternatively, any retracement could meet strong demand at $1875, where the SMA5 four-hour coincides with the previous low four-hour and Fibonacci 23.6% one-day. The next cushion awaits at $1869, the confluence of the SMA50 one-day and SMA10 four-hour. The bears need a sustained break below $1866 to unleash additional downside. At that point a dense cluster of support levels is stacked up, comprising of Fibonacci 38.2% one-week, Fibonacci 61.8% one-day and SMA50 four-hour. Here is how it looks on the tool About Confluence Detector The TCI (Technical Confluences Indicator) 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 Breaking: GBP/USD tops 1.36 as UK Parliament reportedly said to approve Brexit deal on Dec 30 FX Street 1 year Gold (XAU/USD) is holding the higher amidst persistent downbeat mood seen around the US dollar, as the optimism over an imminent Brexit deal dents greenback’s safe-haven appeal. Additionally, expectations of a US stimulus deal continue to bode well for the metal, as markets ignored President Donald Trump’s call to amend a $900bn covid relief bill. Pre-Christmas light trading is likely to persist, which could exaggerate the price movements. How is gold positioned on the charts? Gold Price Chart: Key resistances and supports The Technical Confluences Indicator shows that the XAU/USD pair is challenging a key barrier at $1880, which is the… 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.
