fxstreet.com 05 Feb, 2021 07:15 am

XAU/USD stays en route $1,777 on NFP day – Confluence Detector

XAU/USD stays en route $1,777 on NFP day – Confluence Detector
Gold consolidates the heaviest losses in over a month around $1,795 during early Friday. The yellow metal dropped to a nine-week low the previous day

As a result, sellers are well directed towards Pivot Point 1 support on the monthly chart, near $1,777.It should be noted that the pivot point support two on the weekly chart as well as SMA 100 on 15-minute play strengthens the resistance region around $1,805.6% Fibonacci retracement of the daily chart (1D) to guard immediate upside around $1,797.2% Fibonacci retracement level on 1D to highlight $1,804 as the resistance.

The yellow metal dropped to a nine-week low the previous day before recovering from $1,785.However, the previous day’s low around $1,785 can offer an intermediate halt during the fall.

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