Gold Price Analysis: XAU bulls gather pace for further upside – Confluence Detector
Gold consolidates the recent pullback well above the $1800 mark, as the coronavirus vaccine hopes boost the equities and downs the greenback. Are gold bulls bidding up for a test of the multi-year highs?
The Technical Confluences Indicator shows that the yellow metal continues to face stiff resistance around $1813, the confluence of the previous day high and Bollinger Band four-hour Upper and
The next resistance is aligned at $1818, the multi-year high. Acceptance above the latter awaits the power barrier at $1821, which is the pivot point one-month R1.
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Gold Price Forecast: Bulls still hopeful amid escalating US-China row
Despite the jittery market mood so far this Wednesday, Gold (XAU/USD) remains on the back foot, as the US dollar bulls are back on the bids amid renewed US-China escalation over the Hong Kong (HK) Issue. Beijing vowed retaliatory sanctions against the US after President Donald Trump signed an order end to HK’s special status under US law to punish China.
In the overnight trades, the risk appetite was boosted by Moderna Inc’s experimental vaccine success for COVID-19, which downed the US dollar to fresh multi-week lows across its main competitors and lifted the bright metal back above $1810 level.
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