Gold Price Analysis: Recapturing $1965 is critical for XAU/USD bulls – Confluence Detector

Gold Price Analysis: Recapturing $1965 is critical for XAU/USD bulls – Confluence Detector

Gold (XAU/USD) looks to extend its recent bullish momentum starting out a fresh week amid hopes of additional fiscal stimulus under US President-elect Joe Biden. Biden is a presumptive victor, as the legal challenges by the Trump campaign remain.

Markets also cheer the prospects of continuity of the current policy environment even on a divided government, with Republicans taking hold of the Senate. The upbeat market mood continues to dimmish the US dollar’s attractiveness as a safe-haven. However, the gains in the global stocks and rising coronavirus cases could likely limit the upside in the metal. Let’s see how gold is positioned on the charts. Gold: Key resistances and supports

The Technical Confluences Indicator shows that the yellow metal remains on track to test the critical resistance at $1965, which is the pivot point one-month R2.

Ahead of that level, the confluence of the previous day high and Bollinger Band one-hour […]

About the author: StockMan

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