Gold is edging up as tensions mount ahead of the all-important Non-Farm Payrolls report. Will the US recovery extend and push XAU/USD lower? Or is the recent surge in coronavirus cases set to boost the precious metal? Technicals are showing the battle lines and the critical resistance line awaiting gold.
The Technical Confluences Indicator is showing that the initial cap awaits XAU/USD at $1,779, which is where the previous weekly high hits the price.
Critical resistance is at $1,786, which is a dense cluster of lines including the previous monthly high, the Pivot Point one-week Resistance 1, the PP one-day R1, and the Bollinger Band 4h-Upper.
Support is at $1,771, which is the convergence of the Fibonacci 38.2% one-day, the Fibonacci 23.6% one-week, the Simple Moving Average 5-1h, the SMA 100-15m, and the BB 15min-Middle.
Stronger support is at $1,759, which is the confluence of the Fibonacci 23.6% one-month and the previous daily low.
Here is how it looks on the tool:
Confluence Detector
The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.
This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence adjacents price levels. These weightings mean that one price level without any indicator or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.
Reprinted from fxstreet.com, the copyright all reserved by the original author.
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