Gold Price Analysis: XAU/USD has significant support only at $1,712 – Confluence Detector

Gold is suffering a meltdown – alongside stocks – as US Treasury yields are surging on elevated growth and inflation forecasts. The precious metal has  |  26/02/2021 16:06

Gold is suffering a meltdown – alongside stocks – as US Treasury yields are surging on elevated growth and inflation forecasts. The precious metal has no yield and investors seem more attracted to Bitcoin these days. Where will it stop?

In the meantime, here is how XAU/USD is positioned on the charts.

The Technical Confluences Detector is showing that gold has some support at $1,725, which is the convergence of the Pivot Point one-week Support 2 and the previous 15min-Low. 

A more considerable cushion is at $1,712, which is where the PP one-month Support 2 hits the price. 

Even lower, bears may target $1,687, which is where traders find the PP one-week S3.

Looking up, some resistance awaits at $1,741, which is the confluence of the PP one-day S2 and the Simple Moving Average 5-15m.

A more significant hurdle awaits at $1,753, which is the meeting point for the PP one-week S1 and the PP one-day S3. 

Further above, $1,760 is where the SMA 5-1h and the Bollinger Band 4h-Lower converge. 

XAU/USD resistance and support levels

Confluence Detector

The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.

Learn more about Technical Confluence

 

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com