Gold Price Analysis: XAU/USD eyes $1,848 after covid vaccine news – Confluence Detector

Gold Price Analysis: XAU/USD eyes $1,848 after covid vaccine news – Confluence Detector

Gold has been on a free-fall since Pfizer announced that its COVID-19 vaccine candidate has proven to have a 90% efficiency rate. Moreover, the pharmaceutical firm’s approach is also used by other companies, and other vaccines could also win approval afterward .

Immunization optimism makes fiscal and monetary stimulus less urgent than it used to be, and that is adverse news for the precious metal.

How is XAU/USD positioned on the technical charts?

The Technical Confluences Indicator is showing that significant support awaits at $ 1,848 , which is where the Pivot Point one-month Support 1 hits the price.It is followed by $ 1,841 , which is where the PP one-week S2 and the Bollinger Band 15min-Lower converge.Looking up, immediate resistance is at $ 1,860 , which is the confluence of the previous 1h-low, the previous monthly low, and the BB one-day Lower.The most notable upside target is $ 1,877 , which […]

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