Gold Price Analysis: XAU/USD bears still dominate despite recovery – Confluence Detector

Gold Price Analysis: XAU/USD bears still dominate despite recovery – Confluence Detector

Gold has made its way back above the $1,900 level, attempting to recover. Earlier, it dropped as Democrats and Republicans blamed each other for "moving the goal posts" on fiscal stimulus talks. The precious metal continues having a robust correlation with speculation about a multi-trillion relief package from Washington.

Election uncertainty is also weighing on markets, but having a more muted impact on XAU/USD.

How is gold positioned on the charts?

The Technical Confluences Indicator is showing that XAU/USD is capped under $ 1.909 , which is the convergence of the Fibonacci 61.8% one-week and the Bollinger Band 4h-Middle. As the graphic below shows, it is the most robust level.Looking up, the next target is $ 1,923 , which is a juncture of lines including the Pivot Point one-day Resistance 2, the 50-day Simple Moving Average, and the PP one-week R1.Some support awaits at $ 1,891 , which is the confluence of […]

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