Gold Price Analysis: XAU/USD eyes $1755 as the next upside target – Confluence Detector

Dhwani Mehta FXStreet

Gold (XAU/USD) is consolidating its solid recovery from multi-month troughs on Wednesday, as the upbeat market mood weighs on the traditional safe-haven. The vaccine optimism seems to have helped the risk-recovery, especially after US President announced the US will have enough vaccine supply significantly sooner, which will cover all adults by the end of May.

Gold staged a $30 rebound on Tuesday from $1707 after the retreat in the US Treasury yields calmed the markets and diminished the haven demand for the US dollar. Gold traders now await the critical US ADP jobs and ISM Services PMI data while keeping a close eye on the US $.9 trillion stimulus bill.

How is gold positioned on the technical charts?

Gold Price Chart: Key resistance and support levels

The Technical Confluences Detector shows that gold is battling a major resistance at $1739/40, which is the convergence of the previous high four-hour, Fibonacci 23.6% one-week and the previous day high.

The next upside target is placed at $1755, where the Fibonacci 23.6% one-month lies.

Acceptance above the latter could trigger a sharp rally towards the $1773 zone, where the SMA10 one-day, SMA100 one-hour and SMA50 four-hour coincide.

To the downside, immediate cushion awaits at $1730, the intersection of the Fibonacci 23.6% one-day, previous low one-hour and Bollinger Band one-hour Middle.

The sellers will then challenge significant support at $1726, the Fibonacci 38.2% one-day.

Further south, the bears need to crack $1717 to resume the downtrend. That level is the confluence of the previous month and week lows.

The previous day low at $1707 would be back in play, subsequently.

Here is how it looks on the tool

About Technical Confluences Detector

The TCD (Technical Confluences Detector) 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.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD risks a deeper drop below 1.1750

EUR/USD keeps its vacillating mood in place as the the NA session drwas to a close on Tuesday, hovering below the 1.1800 hurdle amid acceptable gains in the US Dollar. In the meantime, market participants and the FX galaxy are expected to closely follow President Trump’s SOTU speech around 2AM GMT.

GBP/USD regains 1.3500 and above

GBP/USD extends its advance for the third day in a row on Tuesday, this time retesting the area beyond the 1.3500 hurdle. Cable’s uptick comes despite decent gains in the Greenback and the dovish message from the BoE’s Bailey at the UK Parliament.

Gold appears offered around $5,150

Gold is giving back a good portion of the recent multi-day rally, receding to the $5,150 zone per troy ounce amid the decent bounce in the US Dollar and mixed US Treasuty yields. In the meantime, markets’ attention remain on upcoming comments from Fed speakers.

Ripple’s DeFi shift in focus: Navigating XRPL EVM sidechain growth, XRPFi migration and liquidity

Ripple (XRP) has continued to trade under pressure, extending its decline by approximately 63% from the record high of $3.66 in July. The remittance token is trading above support at $1.35, while its upside appears limited by key supply zones, starting with $1.40, at the time of writing on Tuesday.

The Citrini report: How a debatable AI narrative can shake Wall Street

That AI-related headline alone was enough to rattle investors.US stocks slid sharply on Monday after a widely circulated Citrini Research memo outlined a hypothetical “2028 Global Intelligence Crisis”, warning that rapid AI adoption could push US unemployment into double digits as early as by mid-2028.

XRP pressured by weak ETF flows and declining retail interest

Ripple (XRP) is edging lower, trading above its intraday low of $1.32 at the time of writing on Tuesday. The decline from its weekly opening of $1.39 reflects heightened volatility in the broader cryptocurrency market, accentuated by tariff-triggered uncertainty.