Gold Price News and Forecast: XAU/USD capped under robust resistance after suffering the sell-off
|Gold Price Analysis: Capped under robust resistance after suffering the sell-off
Gold has been on the back foot in a turbulent week as investors were in a "sell everything" mode. How is XAU/USD positioned as the week draws to an end? The Technical Confluences Indicator is showing that gold is capped at $1,487, which is the convergence of the Simple Moving Average 50-1h, the previous 4h-high, and the Fibonacci 61.8% one-day.
If it breaks higher, the next target is $1,495, where the Bollinger Band 4h-Middle and the Pivot Point one-day Resistance 1 meet the price. Further up, $1,502 is the confluence of the 200-day SMA and the previous daily high.
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