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
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.