fxstreet.com 08 Feb, 2021 11:45 am

XAU/USD bulls lacking conviction despite stimulus hopes, levels to watch – Confluence Detector

XAU/USD bulls lacking conviction despite stimulus hopes, levels to watch – Confluence Detector
Gold (XAU/USD) is building on Friday’s rebound above $1800, as the US dollar remains pressured amid mixed US employment data. Democrats going ahead wi

Alternatively, immediate support is aligned at $1810, which is the convergence of the previous low one-hour and Fibonacci 23.Sellers would then target strong support at $1807, the intersection of the SMA50 one-hour, Fibonacci 23.A break above the latter could test the pivot point one-day R2 at $1829.The previous month low at $1803 could lend some support, below which the pivot point one-day S1 at $1800 would be in play once again.

Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.9 trillion stimulus package, in what’s called a reconciliation procedure, favors the bulls.

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