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 […]

Click here to view original web page at www.fxstreet.com

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.