Gold Price Forecast: XAU/USD pulls back before targeting $1,826 and $1,830 – Confluence Detector Gold XAUUSD Commodities Confluences Inflation
S Treasury yields is boosting the demand for the greenback across the board, weighing on the non-yielding gold. Although looming US-Russian tensions over Ukraine and Sino-American tensions could help put a floor under the bright metal. Looking ahead, attention remains on the US inflation data due for release later this week for fresh insights on Fed’s tightening plans.shows that the gold price retracement is challenging the critical support area near $1,818, where the Fibonacci 38.
On the flip side, immediate upside needs validation above the confluence of the pivot point one-week R1 and Fibonacci 23.6% one-day at $1,821. A fresh upswing will kick in above the latter, opening doors towards $1,830 – pivot point one-day R1.The TCD is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages,, Pivot Points, etc. If you are a short-term trader, you will find entry points for counter-trend strategies and hunt a few points at a time.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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