Gold Price Forecast: XAU/USD eyes key resistance at $1,735 ahead of US inflation – Confluence Detector Gold XAUUSD Confluences Commodities Inflation
is looking to break above the convergence of the previous week’s high and Fibonacci 23.6% one-day at $1,729.
Buying pressure will accelerate above the latter, initiating a fresh upswing towards the SMA 50 one-day at $1,742. The Fibonacci 38.2% one-week at $1,716 will come to the rescue of bulls if the downside extends. The last line of defense for XAU buyers is envisioned at $1,712. At that level, the previous day’s low, SMA10 one-day and pivot point one-day S1 merge.The TCD is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages,, Pivot Points, etc.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.