Gold has been gaining ground as Democrats seem to be on the verge of controlling the Senate after Georgia’s two runoff elections. Holding the upper chamber would allow President-elect Joe Biden to push for more stimulus, which is bullish for the precious metal. More fiscal spending joins monetary accommodation in boosting asset prices, including gold. The networks called on race in favor of Democrat Raphael Warnock and fellow party member Jon Ossof is also nearing victory. While markets await the final tally from the Peach State, how is XAU/USD positioned on the charts? The Technical Confluences Indicator is showing that the path of least resistance is to the upside. Gold has strong support at $1,946, which is the convergence of the Fibonacci 38.2% one-day, the Pivot Point one-month Resistance 1, and the Simple Moving Average 5-4h among others. Another cushion awaits at $1,942, which is the meeting point of the PP one-week R3 and the Fibonacci 61.8% one-day. Weak resistance is at $1,957, which is the confluence of the PP one-day R1 and the SMA 5-15m. It is followed by $1,964, which is where the PP one-day R2 hits the price. Further above, $1,976 is another minor hurdle, where traders find the P one-day R3. 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 Tezos Price Prediction: XTZ to rise more than 20% if critical resistance breaks FX Street 2 years Gold has been gaining ground as Democrats seem to be on the verge of controlling the Senate after Georgia's two runoff elections. Holding the upper chamber would allow President-elect Joe Biden to push for more stimulus, which is bullish for the precious metal. More fiscal spending joins monetary accommodation in boosting asset prices, including gold. The networks called on race in favor of Democrat Raphael Warnock and fellow party member Jon Ossof is also nearing victory. While markets await the final tally from the Peach State, how is XAU/USD positioned on the charts? The Technical Confluences Indicator is showing that the path… 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.