Gold Price Analysis: XAU/USD path of least resistance is up as Yellen testifies – Confluence Detector

Yohay Elam FXStreet

Janet Yellen, the nominee for Treasury Secretary is testifying before the Senate and asking politicians to go "big." The former Chair of the Federal Reserve is familiar with both fiscal and monetary stimulus that XAU/USD bulls are eager to hear of.

How is the precious metal positioned on the technical graphs?

The Technical Confluences Indicator is showing that gold has some support at $1,835, which is the convergence of the Bollinger Band 15min-Lower, the BB 1h-Lower and the Fibonacci 38.2% one-week.

The most substantial cushion is $1,826, which is the meeting point of the Fibonacci 61.8% one-month and the Fibonacci 38.2% one-day.

Some resistance is at $1,846, which is the confluence of the previous 4h-high and the Fibonacci 61.8% one-week.

Further above, the upside target is $1,857, which is a juncture including the SMA 200-1h and the BB 4h-Upper.

XAU/USD resistance and support levels

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.

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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