Gold has been suffering in response to the Federal Reserve’s decision. The world’s most powerful central bank only reiterated its commitment to low rates but refrained from pledging more bond-buying. The lack of new funds is weighing on the precious metal. Moreover, Federal Reserve Chairman Jerome Powell seemed to signal that the next move depends on the federal government by saying that further stimulus would help. XAU/USD dropped to around $1,950. Can it recover? The Technical Confluences Indicator is showing that gold continues facing fierce resistance at around $1,969, which is the convergence of the Bollinger Band 1h-Upper, the BB one-day Upper, the Pivot Point one-week Resistance 1, and the previous weekly high. A minor hurlde awaits at $1,961, which is where the Simple Moving Averge 5-4h, the SMA 200-4h, the BB 1h-Middle, and the SMA 10-15m meet up. Some support is at $1,952, which is the confluence of the Fibonacci 23.6% one-week and the previous 1h-low. A more significant cushion is at $1,944, which is a juncture including the SMA 200-1h, the Fibonacci 38.2% one-month, and the PP one-day S1. Overall, the path of least resistance is down. 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. 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/CAD contiues to tread dynamic trendline support, bulls eye 1.33 area FX Street 2 years Gold has been suffering in response to the Federal Reserve's decision. The world's most powerful central bank only reiterated its commitment to low rates but refrained from pledging more bond-buying. The lack of new funds is weighing on the precious metal. Moreover, Federal Reserve Chairman Jerome Powell seemed to signal that the next move depends on the federal government by saying that further stimulus would help. XAU/USD dropped to around $1,950. Can it recover? The Technical Confluences Indicator is showing that gold continues facing fierce resistance at around $1,969, which is the convergence of the Bollinger Band 1h-Upper, the BB one-day Upper,… 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.