Gold Price Forecast: $1,791, US inflation to test XAU/USD bulls – Confluence Detector – by anilpanchal7 Gold Confluences XAUUSD Inflation Commodities
US Dollar retreat, mixed concerns surrounding CPI enables XAU/USD buyers to remain hopeful.Gold price grinds higher as bulls struggle to retake control amid a cautious mood ahead of the US Consumer on early Tuesday. That said, the yellow metal’s latest run-up to $1,785 remains elusive as our technical confluence indicator shows that the quote is yet to cross the key hurdles.
The quote’s further upside, however, hinges on a successful break of the $1,791 resistance confluence that includes the Fibonacci 61.8% on one-day, 50-HMA and middle Bollinger on the four-hour play. Following that, Fibonacci 38.2% on weekly and 10-HMA could act as the last defense of buyers around $1,783.
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