Gold Price Forecast: XAU/USD pulls back before targeting $1,826 and $1,830 – Confluence Detector Gold XAUUSD Commodities Confluences Inflation
S Treasury yields is boosting the demand for the greenback across the board, weighing on the non-yielding gold. Although looming US-Russian tensions over Ukraine and Sino-American tensions could help put a floor under the bright metal.
Looking ahead, attention remains on the US inflation data due for release later this week for fresh insights on Fed’s tightening plans.shows that the gold price retracement is challenging the critical support area near $1,818, where the Fibonacci 38.2% one-day converges with the SMA100 four-hour.The pivot point one-day S1 at $1,811 will come to the rescue of bulls should the pullback extend in gold price. The last resort for buyers is seen at $1,809, strong support comprising of the Fibonacci 23.6% one-week, Fibonacci 38.2% one-month and SMA5 one-day. On the flip side, immediate upside needs validation above the confluence of the pivot point one-week R1 and Fibonacci 23.6% one-day at $1,821. The next critical resistance is placed at the weekly highs of $1,824, above which the Fibonacci 61.8% one-month at $1,826 could be tested. A fresh upswing will kick in above the latter, opening doors towards $1,830 – pivot point one-day R1.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 you are a medium-to-long-term trader, this tool will allow you to know in advance the price levels where a medium-to-long-term trend may stop and rest, where to unwind positions, or where to increase your position size. 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. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. 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. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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