Gold Price Analysis: XAU/USD still eyes $1849 amid covid, election jitters – Confluence Detector

Gold Price Analysis: XAU/USD still eyes $1849 amid covid, election jitters – Confluence Detector

Growing fears over the second-wave of the coronavirus globally combined with pre-US election jitters will continue to underpin the haven demand for the US dollar, keeping the bearish bias intact in gold (XAU/USD) going forward.

Gold is set to test the September low of $1849, having breached the critical 100-DMA earlier this week. US fiscal stimulus package remains elusive and offsets the optimism over the record US Q3 GDP rebound, as all eyes shift towards next week’s Presidential election.

See Gold Price Analysis: XAU/USD has three ways go in response to the 2020 Presidential Elections

How is gold positioned on the charts? Gold: Key resistances and supports The Technical Confluences Indicator shows that the yellow metal has managed to recapture powerful resistance at $1872, which is the confluence of the SMA5 four-hour and Fibonacci 161.8% one-week.The next relevant upside barrier awaits at $1883, where the Fibonacci 23.6% one-month lies.Further up, the […]

About the author: StockMan

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