Gold Price Forecast: XAU/USD eyes smoother road to the south of $1,700 – Confluence Detector – by anilpanchal7 Gold XAUUSD Confluences Fed Inflation
floats above the $1,661 key support comprising Fibonacci 38.2% on monthly and the pivot point one-week S1. Also increasing strength of the $1,661 support is the lower band of the hourly Bollinger and the previous low of the 4H.
Meanwhile, the middle band of the hourly Bollinger, near $1,670, guards the XAU/USD quote’s immediate upside.Should the bullion crosses the $1,678 hurdle, the odds of its run-up toward the $1,700 threshold can’t be ruled out.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.
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