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Abstract:Gold Price Forecast: XAU/USD key levels to watch amid cautious markets – Confluence Detector
The US dollar draws renewed safe-haven demand amid firmer Treasury yields.
Gold price turns bearish with technicals amid bond rout, 50-DMA back in sight.
Gold price continues to remain at the mercy of the dynamics in the US bond market and the developments surrounding the Russia-Ukraine crisis. Gold price has enjoyed good two-way businesses so far this Monday, although the renewed upside lacks follow-through momentum. Risk sentiment has turned sour as the EU readies more sanctions against Russia, which will buoy the safe-haven US dollar‘s demand at gold’s expense. Further, the hawkish Feds outlook-led rally in the US Treasury yields is also likely to keep gold sellers cheerful, in the absence of top-tier economic events.
Read: Will commodities continue to outperform In Q2 2022? [Video]
Gold Price: Key levels to watch
The Technical Confluences Detector shows that gold price is testing offers at powerful resistance of the Fibonacci 61.8% one-week at $1,934.
If the latter is scaled, then gold bulls will face the next relevant resistance around $1,937, which is the confluence of the pivot point one-day R1, SMA 50, 100 and 200 four-hour.
The previous days high at $1,940 will test the bearish commitment further up. A sustained break above that level will fuel a fresh rally towards the pivot point one-day R2 at $1,949.
On the flip side, gold sellers are attacking strong support at $1,928, which is the SMA5 one-day.
The next downside target aligns at $1,925, the confluence of the SMA5 four-hour and the Fibonacci 23.6% one-day.
Fierce cap at around $1,917 will be the last resort for gold bulls, as the latter is the intersection of the Fibonacci 38.2% one-week, the previous days low and the pivot point one-day S1.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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