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8 Oct 2020

Gold Price Analysis: XAU/USD’s upside likely capped at $1905, eyes on US Jobless Claims – Confluence Detector

Gold (XAU/USD) picks up fresh bids, as the safe-haven US dollar continues to grind lower amid a revival of hopes for some US stimulus spending. President Donald Trump and House Speaker Nancy Pelosi showed their readiness to offer support the airline relief bill after the former abruptly called off broader negotiations late Tuesday.

However, it remains to be seen if the metal can extend its uptick, as the risk-on rally in the global stocks could likely weigh negatively on the yieldless gold. Also, investors could turn cautious ahead of the US Weekly Jobless due later on Thursday.

Gold: Key resistances and supports

The Technical Confluences Indicator shows that Gold is looking to extend the bounce past the immediate strong cap at $1891, where the Fibonacci 23.6% one-day appears.

A cluster of next relevant resistance levels is seen around $1900, which the convergence of the previous day high, Fibonacci 23.6% one-week and SMA100 one-hour.

The buyers will then target a strong barrier at $1905, which the Fibonacci 38.2% one-month. This is a critical level to clear out for the XAU bulls.

To the downside, the intersection of the SMA10 one-day, Bollinger Band 15-minutes Upper and SMA10 four-hour at $1888 could cap immediate pullbacks.

A break below that line, the fierce support at $1883 could be put at risk. That level is the meeting point of Fibonacci 61.8% one-day, Fibonacci 23.6% one-month and the previous low on four-hour.

The next downside target at $1874 (Fibonacci 61.8% one-week) will get exposed on a break below the latter.

Here is how it looks on the tool

fxsoriginal

About Confluence Detector

The TCI (Technical Confluences Indicator) 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

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