Gold (XAU / USD) is back in the same spot this Friday after riding on a rollercoaster on Thursday, thanks to the silver market money led by the day trader. Gold is licking its wounds for about $ 1850, as traders expect a new US revival between the risky market and US power.
The yellow bell is on its way to book a monthly and weekly decline while holding a $ 1800 support. The feel of Wall Street and American economic data will emerge as major keys.
The Technical Confluences Indicator shows that gold is playing lovely at $ 1845, which is the direction of the previous four hours, Fibonacci 61.8% one day and SMA5 four hours.
The next upward target is around $ 1849, a one-day SMA200 merger, a one-day SMA10 and a Fibonacci 38.2% for one week.
Buyers can then challenge the $ 1853, a four-hour SMA50 merger with the Fibonacci 38.2% one day.
A strong barrier at $ 1857 (Fibonacci 23.6% one day / SMA50 one day) will continue to provide strong resistance to price.
In the meantime, the negative has always been exposed to $ 1834, the day before.
A break below the last could set Fibonacci 61.8% one week at $ 1830 to test.
The one-month Fibonacci 61.8% at $ 1825 is the last way to protect XAU bulls.
About Confluence Detector
TCI (Technical Confluences Indicator) is a tool for finding and identifying those prices where there are traffic jams, moving averages, Fibonacci levels, Pivot Points, etc. Knowing the places where all these congestion points are located, it is very beneficial and helpful to the trader and can be used as a basis for various strategies.