Gold Price Forecast: Weekly closing above $1,700 is critical for XAU/USD bulls – Confluence Detector Gold XAUUSD Commodities Confluences NFP
is eyeing a revisit of the previous day’s low at $1,707, below which the convergence of the SMA5 one-day and pivot point one-day S1 at $1,704 will come into play.
On the flip side, the Fibonacci 23.6% one-day at $1,712 will offer immediate resistance. The next stop for optimists is envisioned around $1,716, where the Fibonacci 38.2% one-day and SMA10 four-hour meet. The confluence of the pivot point one-month R1 and the previous day’s high at $1,726 could challenge bearish commitments.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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