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, […]
November 10, 2020 (updated November 10, 2020) Published by StockMan