Gold (XAU/USD) attempts a tepid rebound after a Fed-driven rally in the US dollar gathered steam and downed the metal 1% this Thursday. The Fed offered an optimistic outlook on the economy but doused hopes of further stimulus amid expectations of a faster recovery in the jobs market and higher tolerance for inflation. The not-so-dovish Fed outcome pushed the US Treasury yields higher and weighed on the stocks alongside the yieldless gold. Increased odds of a deal on the US fiscal relief package further collaborated with the downside in gold. Ahead of the US Jobless Claims data, let’s see how it is positioned on the charts? Gold: Key resistances and supports The Technical Confluence tool shows that gold is looking to regain the powerful resistance at $1946, which is the convergence of Fibonacci 38.2% one-month, Bollinger Band one-day Middle and SMA50 four-hour. Bulls need conviction above the latter to add legs to the recovery momentum, with the next significant upside target seen at $1953, where the Fibonacci 23.6% one-week and SMA10 one-hour meet. Further north, a bunch of minor resistances is stacked up around $1958/60 levels, above which the previous week high of $1966 will get tested. However, a sustained break above the robust barrier at $1969 for the bulls to resume its journey towards the $2000 mark. Alternatively, acceptance below the $1937 support, the confluence of previous low on four-hour and pivot point one-day S2, could yield a drop towards the next relevant cushion at $1930. That cap is the intersection of the Fibonacci 61.8% one-week and SMA50 one-day. Here is how it looks on the tool About the 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 NZD/USD clings to the side-lined mood – UOB FX Street 2 years Gold (XAU/USD) attempts a tepid rebound after a Fed-driven rally in the US dollar gathered steam and downed the metal 1% this Thursday. The Fed offered an optimistic outlook on the economy but doused hopes of further stimulus amid expectations of a faster recovery in the jobs market and higher tolerance for inflation. The not-so-dovish Fed outcome pushed the US Treasury yields higher and weighed on the stocks alongside the yieldless gold. Increased odds of a deal on the US fiscal relief package further collaborated with the downside in gold. Ahead of the US Jobless Claims data, let’s see how it… 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.