Gold has been consolidating its gains above $1,850 after an impressive recovery from the lows under $1,800. The main upside driver is US fiscal stimulus, which seems more likely after Democrats and Republicans seem to be coalescing around a relief package worth around $900 billion. While that sm is below what bulls were hoping for, any funds agreed during the lame-duck session are perceived as a bonus ahead of what is likely under President-elect Joe Biden. However, the devil may be in the details and a bipartisan accord on where the money goes is still in the air. Until there is white smoke from Washington, it is time to look at XAU/USD technical levels. The Technical Confluences Indicator is showing that gold faces resistance at $1,862, which is the convergence of the Simple Moving Average 10-1h, the SMA 50-1h, the Pivot Point one-day Support 1, and more. It is closely followed by $1,866, which is a juncture of lines including the SMA 100-15m, the Bollinger Band 1h-Middle, the Fibonacci 61.8% one-day, and the SMA 200-4h. Support is at $1,849, which is where the SMA 5-one-day and the previous weekly high converge. Further down, a strong barrier awaits XAU/USD at $1,841, which is where the Fibonacci 38.2% one-month hits the price. 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 UK’s NHS advises people with allergy history to avoid Pfizer vaccine FX Street 2 years Gold has been consolidating its gains above $1,850 after an impressive recovery from the lows under $1,800. The main upside driver is US fiscal stimulus, which seems more likely after Democrats and Republicans seem to be coalescing around a relief package worth around $900 billion. While that sm is below what bulls were hoping for, any funds agreed during the lame-duck session are perceived as a bonus ahead of what is likely under President-elect Joe Biden. However, the devil may be in the details and a bipartisan accord on where the money goes is still in the air. Until there… 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.
