Gold Price Forecast: $1,857 appears a tough nut to crack for XAUUSD bulls – Confluence Detector
FXStreet · 17 Jun 2022 868 Views
  • Gold Price remains at the mercy of the USD and Treasury yields.
  • Risk sentiment and end of the week flows could also affect XAUUSD.
  • The path of least resistance appears to the upside for the bright metal.

Global central banks showcased their resolve to tackle the inflation monster this week, with the Fed and SNB going in for bigger rate hikes, re-kindling recession fears. Risk-sensitive assets were heavily thrashed while the safe haven also failed to capitalize on the sour market mood, as long-dated US Treasury yields fell sharply. The sell-off in the dollar, helped gold price extend the post-Fed turnaround. The same underlying narrative is likely to remain in play going forward, as the yellow metal’s fate hinges on the dynamics of the dollar, as well as, the yields.

Also read: Is a recession now inevitable?

Gold Price: Key levels to watch

The Technical Confluence Detector shows that Gold Price is testing bids at $1,844, where the SMA10 one-day coincides with the Fibonacci 61.8% one-week.

If that latter caves in, then a dense cluster of healthy support levels is stacked up around $1,842, the confluence of the SMA200 one-day, SMA50 four-hour and Fibonacci 38.2% one-day.

Under that support, the pivot point one-week S1 at $1,839 could be put to test. The additional downside will challenge the bullish commitments at $1,835, the Fibonacci 38.2% one-month.

Alternatively, the Fibonacci 23.6% one-day at $1,848 will be the initial line of defense for gold sellers, above which a fresh advance towards the previous day’s high of $1,858 cannot be ruled out.

Powerful resistance appears at around $1,864, the convergence of the Fibonacci 61.8% one-month and Fibonacci 23.6% one-week. That demand area will be the level to beat for XAU bulls.

Here is how it looks on the tool

 fxsoriginal

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.

Affected Trading Instrument

*Risk Disclaimer: The content above represents only the views of the author. It does not represent any views or positions of DCFX and does not mean that DCFX agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the DCFX, DCFX does not assume any form of liability unless otherwise expressly promised in writing.

Recommend

IHSG Sepekan Meningkat 0,64 Persen, Data Perdagangan Bursa Ditutup Bervariasi

inews · 5h 193 Views

USD/JPY: Kenaikan Lebih Lanjut Bisa Uji Kembali 134,20 – UOB

FXStreet · 10h 1.7K Views

USD/JPY Pertahankan Kenaikan Dekat Tertinggi Dua Minggu, di Sekitar Pertengahan 133,00 Jelang Data Inflasi AS

FXStreet · 10h 1.7K Views

USD/CAD: Penurunan di Bawah Terendah 1,35-an Targetkan Pengujian Support Tren di 1,3410/15 – Scotiabank

FXStreet · 13h 3K Views

Pratinjau PDB Kanada: Prakiraan dari Empat Bank Besar, Awal yang Kuat untuk Q1

FXStreet · 13h 2.7K Views

USD/CAD: Support 1,35 Bisa Hadapi Uji Serius Jika Data AS Lebih Lemah Dalam Beberapa Minggu Mendatang – TDS

FXStreet · 13h 3K Views

Kanada: PDB Riil Tumbuh 0,5% di Januari Dibandingkan Prakiraan 0,3%

FXStreet · 13h 3K Views

EUR/USD di 1,14 pada Akhir Tahun karena Sikap Hawkish ECB akan Berikan Pendorong untuk Euro – ANZ

FXStreet · 13h 2.9K Views

NZD/USD Diprakirakan Akhiri Tahun di 0,66 – ANZ

FXStreet · 13h 2.7K Views

EUR/USD: Pemulihan Kembali ke dan Melalui 1,0930 Diperlukan untuk Dapatkan Kembali Traksi Positif – Scotiabank

FXStreet · 13h 2.9K Views

EUR/USD: Data Tangguh AS Minggu Depan Dapat Mendorong Koreksi – MUFG

FXStreet · 13h 2.8K Views

EUR/USD Fokus pada 1,10, GBP/USD Seharusnya Mengikuti Dengan Menembus di Atas 1,25 – ING

FXStreet · 13h 2.7K Views

EUR/USD akan Kesulitan di Sekitar 1,05 di Semester Pertama, Rebound Menuju 1,10 pada Akhir Tahun – BofA

FXStreet · 13h 2.6K Views

Analisis Harga EUR/USD: Pembeli Mencari Validasi dari 1,0930 karena Data Inflasi Utama Membayangi

FXStreet · 13h 2.4K Views

Penjualan Ritel Jerman Turun 7,1% YoY di Bulan Februari vs. -5,2% yang Diharapkan

FXStreet · 13h 2.4K Views