Gold Price Forecast: XAU/USD eyes a sustained move below $1,800, downside appears limited – Confluence Detector Gold XAUUSD Commodities Confluences Coronavirus
tors remain wary amid surging covid cases globally, despite studies showing the Omicron variant as less severe. Increased March Fed rate hike bets also turn gold out of favor. Also, thin liquidity and year-end profit-taking keep gold price on the defensive.shows that the gold price is approaching a powerful demand area around $1,801-$1800, which is the convergence of the SMA50 one-day, SMA50 four-hour and Fibonacci 38.2% one-week.
Sellers will then look out for the pivot point one-week S1 at $1,792, below which the SMA100 one-day at $1,790 will get probed. Further up, the confluence of the Fibonacci 23.6% one-day and SMA5 one-day at $1,809 will come into play, followed by the previous week’s high of $1,811. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
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