Gold prices have been on the rise as ample liquidity has been pushing all assets higher – including the precious metal which used to be sought in times of trouble. Ample liquidity thanks to central banks and governments are boosting XAUD/USD.
The Technical Confluences Indicator is showing that gold faces some resistance at $1,666, which is the convergence of the previous 4h-high and the Bollinger Band 4h-Upper. It is followed by $1,670, where the previous daily high hits the price.
The next levels to watch rate $1,676, where the Pivot Point one-week Resistance 2 and the BB 1h-Upper meet. The upside target is $1,678, which is where the all-important Fibonacci 161.8% one-week is seen.
Support awaits at $1,655, which is the confluence of the Fibonacci 23.6% one-week and the SMA 5-4h.
The most significant cushion is at $1,646, where the Fibonacci 38.2% one-day and the PP one-week R1 converge.
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.
Learn more about Technical Confluence
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