Gold Price Forecast: XAU/USD to remain volatile around $1,917 amid Russia-Ukraine war – Confluence Detector

Gold price braces for yet another turbulent day, with volatility to remain through the roof amid incoming updates on the Russia-Ukraine war. Russia is reportedly ready for taking control of Kyiv, the capital of Ukraine, with the ground forces closing in. Further, Moscow is preparing retaliatory sanctions against the West. Against this backdrop, gold price will continue to remain at the mercy of the risk sentiment driven by the Russia-Ukraine geopolitical developments.

Read: Markets quake on Russian invasion of Ukraine but quickly discover Realpolitik

Gold Price: Key levels to watch

The Technical Confluences Detector shows that gold price needs to recapture the $1,917 critical hurdle on a sustained basis to resume the uptrend.

That level is the convergence of the Fibonacci 38.2% one-day and pivot point one-month R3.

Gold bulls will then face an immediate barrier at $1,920, which is the pivot point one-week R1.

Acceptance above the latter will trigger a fresh upswing towards $1,931, the Bollinger Band one-day Upper.

Ahead of that the SMA10 four-hour at $1,921 could challenge the renewed upside.           

On the downside, the immediate cap is seen at $1,908, the SMA5 four-hour, below which a dense cluster of healthy support levels between $1,902-$1,900 will come into play.

Further down, the SMA50 four-hour at $1,892 will get probed, as bears flex their muscles towards the Fibonacci 23.6% one-week at $1,890.

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.  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.