Gold (XAU/USD) wilted on Friday as Treasury yields surged on strengthening risk-on flows amid expectations of higher fiscal stimulus under Biden’s presidency. Prospects of a smooth transition of power in Washington eased political uncertainty, which further added to the weight on the safe-haven gold. The metal lost $70 and touched three-week lows at $1828.62 before recovering to settle the week at $1848. The breach of the critical $1900 level accelerated the sell-off amid yields-driven US dollar’s strength, as markets shrugged-off disappointing NFP report. In the week ahead, a fresh batch of significant US economic data and Fed Chair Jerome Powell’s speech will be eyed amid incoming stimulus and coronavirus updates. Technically, let’s see how gold is positioned starting out a fresh week? Gold Price Chart: Key resistances and supports The Technical Confluences Indicator shows that gold closed the week just under major resistance at $1850, which is the confluence of the previous high on four-hour and Fibonacci 23.6% one-day. A firm break above the latter is likely to highlight the next minor barrier at $1854, the Bollinger Band four-hour Lower. Further up, a stack of healthy resistance levels is aligned around the $1858-61 region, where the SMA200 four-hour, Fibonacci 38.2% one-month and Fibonacci 23.6% one-week coincide. The XAU bulls need to crack to the abovementioned powerful hurdle to extending the recovery from three-week lows. To the downside, the next relevant support is seen at $1845, the previous low on four-hour. The SMA200 one-day at $1840 will be once again on the sellers’ radar. A fresh sell-off could be in the offing if the latter is breached, putting the fierce support of $1826 at risk. That level is the Fibonacci 61.8% one-month. Here is how it looks on the tool About 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 Ethereum Price Prediction: ETH bulls brace for a bumpy road towards $1400 FX Street 1 year Gold (XAU/USD) wilted on Friday as Treasury yields surged on strengthening risk-on flows amid expectations of higher fiscal stimulus under Biden’s presidency. Prospects of a smooth transition of power in Washington eased political uncertainty, which further added to the weight on the safe-haven gold. The metal lost $70 and touched three-week lows at $1828.62 before recovering to settle the week at $1848. The breach of the critical $1900 level accelerated the sell-off amid yields-driven US dollar’s strength, as markets shrugged-off disappointing NFP report. In the week ahead, a fresh batch of significant US economic data and Fed Chair Jerome Powell’s… 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.