Gold has been looking for a new direction after two vaccine efforts published promising results, reducing the need for additional fiscal stimulus. On the other hand, central banks remained cautious and have opened the door to providing monetary relief. The precious metal´s latest moves were mostly triggered by speculation about further funds.
In the meantime, what are XAU/USD charts telling traders?
The Technical Confluences Indicator is showing that critical resistance awaits at $ 1,878 , which is the convergence of the Fibonacci 23.6% one-month and the Fibonacci 23.6% one-week.
Beyond that cap, the next substantial hurdle is at $ 1,891 , which is the meeting point between the Pivot Point one-day Resistance 1 and the Simple Moving Average 50-4h.Some support awaits at $ 1,874 , which is a cluster including the Bollinger Band 15min-Lower, the BB 4h-Lower, the BB 1h-Lowe, and the PP one-day Support 1.The next cushion is $ 1,860 , […]
November 18, 2020 (updated November 18, 2020) Published by StockMan