Having found support once again near Friday’s low of $1912, gold recovered some ground on Wednesday. The XAU bulls, however, lacked a follow-through ahead of Thursday’s Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium.
Global economic worries resurfaced and offset the US-China trade deal optimism, underpinning gold’s safe-haven appeal. Attention turns towards the US Durable Goods release, especially after the US CB Consumer Confidence Index hit a six-year low.
How is gold positioned on the charts?
Gold: Key resistances and supports
The tool shows that gold remains capped by the immediate barrier at $1930, the intersection of the Fibonacci 61.8% one-day and SMA10 on four-hour.
Gold needs to take out the critical hurdle at $1932 to revive the recovery momentum. That level is the confluence of the Fibonacci 23.6% one-month, SMA50 one-hour and Bollinger Band 15-minutes Upper.
The next relevant resistance is aligned at $1936, where SMA100 on one-hour and Fibonacci 23.6% one-week coincide.
Acceptance above the latter will trigger a fresh rally towards $1951, which is the convergence of Fibonacci 38.2% one-week and Bollinger Band four-hour Upper.
On the flip side, the bears are struggling around $1926, the confluence of the SMA200 four-hour and SMA100 on 1-minutes.
A bunch of minor support levels could stagger the declines, which could see a test of the previous week low of $1912.
Below that level the last straw for the bulls, placed at $1906, will get tested.
Here is how it looks on the tool
About the Confluence Detector
With the TCI (Technical Confluences Indicator) tool, you can easily locate areas where the price can find a support zone or resistance zone and make trading decisions. If you are a short-term trader, you will find entry points for counter-trend strategies and hunt a few points each time.
Reprinted from fxstreet, the copyrights all reserved by the original author.
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