Gold Price Analysis: XAU/USD

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Gold has been able to hold on to $ 1,800, which shows its resilience to withstand the immense selling pressure. The precious metal has been under pressure amid a climate of risk that favors stocks. The markets have now taken a breather, allowing the XAU / USD to bounce to higher ground.

However, gold is still not out of the woods as the charts point to a further decline.

The technical confluences indicator shows that XAU / USD is facing some resistance at $ 1,811, which is the convergence of 23.6% Fibonacci in one day, the previous 4 hours, and the 10-15m simple moving average.

A critical limit awaits at $ 1,818, which is the meeting point of the 10-4h SMA, the 2-month support of the pivot point, the 38.2% Fibonacci in one day and the 15min-higher Bollinger band.

Gold has support at $ 1,884, which is the meeting point of the week-long Pivot Point of Support 3 and the SAM 5-4h.

There are several soft buffers on the way down, with a notable downside target at $ 1,792, where the 1-day pivot point support hits price.

About the author

Nafees Saifi // entrepreneur, author, trainer, and stocks and FX trader. 
Nafees Saifi is a professional FX trader from, India. Nafees has extensive experience trading commodities, bonds, and equity futures in the Asian, European, and US markets. Nafees holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.


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