fxstreet.com 10 Feb, 2021 08:00 am

XAU/USD needs to crack $1850 to conquer key $1864 level – Confluence Detector

XAU/USD needs to crack $1850 to conquer key $1864 level – Confluence Detector
Gold (XAU/USD) sees bargain hunters jumping in, as the attempts to recapture $1850 continues this Wednesday. The revival of the reflation trades amid

On its way north, the bulls are likely to face a bumpy road amid a dense cluster of resistance levels aligned around $1858/60 levels, the intersection of the SMA50 one-day and pivot point one-day R2.2% one-week and pivot point one-day S2.The Technical Confluences Indicator shows that gold has recaptured the critical resistance at $1842, which is the confluence of the previous high four-hour, Fibonacci 61.On the flip side, immediate support is seen at $1841, which is the convergence of the previous high four-hour and Fibonacci 23.

The revival of the reflation trades amid US stimulus optimism continues to push riskier assets higher at the US dollar’s expense, keeping the inflation-hedge gold underpinned.8% one-week and Fibonacci 23.

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