- Gold has broken above $1,800, this time in a more significant manner.
- The upbeat mood in markets and the breather in the rise of US yields is helping.
- Gold Price Forecast: XAU/USD eyes a firm break above $1795 amid growing inflation fears
Bitcoin has reached all-time highs, stocks have followed – is it time for gold to break higher? XAU/USD is, at least, moving above $1,800. Last week's upside move proved indecisive, but this latest surge is more substantial. The precious metal is already valued at $1,805.
How is XAU/USD positioned on the technical chart?
Gold Price: Key levels to watch
The Technical Confluences Detector is showing that the precious metal faces resistance at $1,820, which is where the Pivot Point one-month Resistance 1 hits the price.
It is followed by $1,823, which is where another pivot point awaits, the one-week Resistance 2.
Looking down, some support is at $1,801, where the previous week's top converges with the PP one-day Resistance 3.
Another cushion awaits at $1,795, which is the confluence of the Simple Moving Average 10-15m, the previous 4h-high and the PP one-week R1.
Much lower, a barrier against bearish attacks is at $1,783, which is where the Fibonacci 38.2% one-week and the BB 4h-Middle meet up.
XAU/USD Confluence levels
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. If you are a short-term trader, you will find entry points for counter-trend strategies and hunt a few points at a time. If you are a medium-to-long-term trader, this tool will allow you to know in advance the price levels where a medium-to-long-term trend may stop and rest, where to unwind positions, or where to increase your position size.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.