- Gold has recovered from lows as the market mood improves.
- The Confluence Detector shows that the XAU / USD has substantial support at $ 1,748.
What goes down, must go up: After gold fell to $ 1,700, it quickly rebounded and is trading above $ 1,750 at the time of writing. The better market mood has pushed the dollar lower and the precious metal is benefiting from the dollar’s decline.
How is the XAU / USD positioning after this turmoil?
The Technical Confluence Detector shows that gold has support at $ 1,754, which is a group that includes the Bollinger Band 15min-Middle, the Simple Moving Average 10-15m, the Fibonacci 23.6% of a day and several additional lines.
More considerable support awaits at $ 1,748, which is where the all-important Fibonacci 38.2% for a day and Fibonacci 23.6% for a month is located.
Looking up, some resistance awaits at $ 1,764, which is the meeting point of the previous daily low and Fibonacci 38.2% one day.
The next target is $ 1,771, which is the confluence of the one-day average of the Bollinger band and the one-day pivot point of resistance 1.
XAU / USD Support and Resistance Levels
Confluence detector
The confluence detector finds interesting opportunities using technical confluences. The TC is a tool to locate and indicate those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are is very useful for the trader, and can be used as a basis for different strategies.
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