Gold Price Analysis: XAU/USD has a clear floor for the current retreat – Confluence Detector

Gold Price Analysis: XAU/USD has a clear floor for the current retreat – Confluence Detector

Gold prices have fallen off their highs, cooling down as fiscal stimulus talks have yet to reach the final line. While both Republicans and Democrats are reporting progress, time is running out toward the elections and it is unclear if lawmakers would opt to pass legislation during the "lame duck" period.

The precious metal was rising on hopes for a multi-trillion dollar injection of funds from the federal government. Moreover, the market mood dampened after US security authorities said that Iran and Russia obtained voter registration files and are threatening people ahead of Election Day. Concerns about foreign interference may contribute to a contested election and no new stimulus.

How is XAU/USD positioned after these developments?

The Technical Confluences Indicator is showing that gold has robust support at $ 1,909 , which is the convergence of the Simple Moving Average 200-1h and the SAM 5-one-day.Below this critical line, an additional cushion awaits […]

About the author: StockMan

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