Gold has been retreating from the highs as the market mood improves despite rising infections from coronavirus. How will the precious metal end the week?
The Technical Confluences Indicator is showing that XAU/USD is capped at $1,629, which is the convergence of the Bollinger Band 1h-Middle, the Simple Moving Average 50-15m, and the Fibonacci 161.8% one-week.
Critical resistance awaits at $1,635, which is the meeting point of the Fibonacci 23.6% one-day and the Fibonacci 61.8% one-month.
Some support awaits at $1,624, which is the confluence of the SMA 10-15m and the BB 15min-Middle.
Stronger support is at $1,613, which is where the Pivot Point one-week R2 meets the price.