Gold Price Forecast: XAU/USD looks set to fill price gap below $2,010 – Confluence Detector – by anilpanchal7 Gold XAUUSD Confluences Commodities RiskAversion
Gold Price remains firmer at the highest levels in nine weeks, traders successfully beyond $1,970 support confluence.Mixed concerns about Federal Reserve , light calendar underpin the Gold Price run-up.Gold Price renews a two-month high, despite recently easing from the daily top, as it cheers the broadretreat amid the sluggish markets. Adding strength to the XAU/USD run-up could be the price-positive headlines from China, as well as downbeat yields.
On a different page, chatters about the optimism at the US banks and the BRICS countries readiness for using gold-backed currency also favor the XAU/USD bulls. Our Technical Confluence indicator signals that the Gold Price edges higher past the $1,970 support confluence comprising the Pivot Point one-day S1, one-month R1 and Fibonacci 23.6% on one-day.
It should be noted that the XAU/USD weakness past $1,970 will have an additional downside filter of around $1,965 comprising the Pivot Point one-day S2 and the 5-DMA before welcoming the bears.
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