Gold Price Forecast: XAU/USD retreat appears elusive beyond $1,935 – Confluence Detector – by anilpanchal7 Gold Confluences XAUUSD China Fed
China headlines, data joins Friday’s US statistics to underpin XAU/USD pullback amid pre-FOMC silence. remains on the back foot for the second consecutive day, extending the previous day’s pullback from the highest level in a month, as the US Dollar consolidates recent losses amid a sluggish start of the week.
As per our Technical Confluence Indicator, the Gold Price remains well beyond the key support confluence comprising the 10-day SMA and Fibonacci 61.8% on one-week, around $1,935 by the press time. It’s worth noting that the XAU/USD weakness past $1,935 makes it vulnerable to decline towards the $1,900 round figure. However, the monthly low of near $1,893 could challenge the Gold bears afterward.
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