Gold Price Analysis: XAU/USD eyes $1,891 to recover from vaccine blow – Confluence Detector

Gold has attempted a recovery after being hit hard by the news of a breakthrough in developing a coronavirus vaccine. The dramatic announcement by Pfizer and BioNTech – of 90% efficiency in their immunization candidate. A swift bounce from the covid crisis makes additional fiscal and monetary stimulus unnecessary, leaving fewer funds to flow into the precious metal.

However, XAU/USD is now bouncing. How is it positioned on the technical charts?

The Technical Confluences Indicator is showing that Gold is battling the $ 1,877 level, which is the convergence of the Simple Moving Average 10-15m and the Fibonacci 23.6% one-month.

Some resistance is at $ 1,888 , where the Fibonacci 38.2% one-month hits the price.The next cap is $ 1,891 , which is where the previous 4h-high and the Bollinger Band one-hour Upper meet up.Support is at $ 1,873 , which is the confluence of the previous week’s low, the SMA 5-4h, […]

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.