Gold Price Analysis: Topping $1,748 is key to resuming the rally – Confluence Detector

Yohay Elam FXStreet

Gold has been consolidating after a surge to the upside, trading at around $1,740. Can it challenge the 7.5-year highs once again?

The Technical Confluences Indicator is showing that fierce resistance awaits at around $1,748, which is a dense cluster of technical lines including the Bollinger Band 1h-Middle, the Simple Moving Average 5-4h, the SMA 100-15m, and the previous monthly high.

Softer resistance is at $1,751, which is the meeting point of the Fibonacci 23.6% one-day and the previous weekly high.

Support is at $1,737, which is the confluence of the Fibonacci 23.6% one-week and the Pivot Point one-day Support 2.

Further down, strong support awaits at $1,728, which is the convergence of the SMA 50-4h and the Fibonacci 38.2% one-week.

Here is how it looks on the tool:

Confluence Detector

The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.

This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence adjacents price levels. These weightings mean that one price level without any indicator or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.

Learn more about Technical Confluence

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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