Gold Price Forecast: XAU/USD eyes acceptance above $1,795 to recapture $1,800 – Confluence Detector Gold XAUUSD Confluences Commodities DollarIndex
sell-off while the US Treasury bond yields benefit from hawkish comments from the Cleveland Fed President Loretta Mester. Despite the hawkish Fed outlook, Gold price is looking to extend the renewed upside, underpinned by the bullish technical setup and encouraging news from India. Last week, India’sgovernment raised the base import prices of crude palm oil and soy oil, gold and silver, as prices jumped in the world market.
A fresh advance toward the Fibonacci 61.8% one-week at $1,805 could be in the offing on a sustained buying. A breach of the latter will expose the Fibonacci 61.8% one-day at $1,783. Further south, the pivot point one-day S1 at $1,780 could come to the rescue of Gold buyers.The TCD is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages,, Pivot Points, etc. If you are a short-term trader, you will find entry points for counter-trend strategies and hunt a few points at a time.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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