The US elections are showing Trump is on course to win his new home state of Florida, casting uncertainty into the race. The mood has somewhat calmed. The chances of generous fiscal stimulus have somewhat fallen and gold is retreating.
How is XAU/USD positioned on the charts?
The Technical Confluences Indicator is showing that critical resistance awaits at $1,906, which is the convergence of the Fibonacci 23.6% one-day, the Fibonacci 61.8% one-month, and the previous 4h low.
The next level to watch is $1,921, which is where the Pivot Point one-month Resistance 1 hits the price.
Strong support awaits at $1,888, which is where the Bollinger Band 4h-Middle meets the Fibonacci 38.2% one-month.
The next level to watch is $1,878, which is a juncture including the Fibonacci 23.6% one-month and the Pivot Point one-day Support 2.
Key XAU/USD resistances and supports
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.
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