Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
14 May 2021

Gold Price Analysis: XAU/USD path of least resistance is up after whipsaw – Confluence Detector

  • Gold has recovered from its lows as the market mood improved.
  • The Confluence Detector is showing that XAU/USD's path of least resistance is up.
  • Gold Price Analysis: XAU/USD rallies back closer to multi-month tops, around $1,840 region

Inflation fears are rising – as seen in both the Consumer Price Index figures and the University of Michigan's Consumer Sentiment data. Is gold still a hedge against rising prices? That remains debatable, but the increase in the precious metal's value is clear. It is more related to the Federal Reserve's insistence that any such move is transitory. 

Where next for gold price from here? 

The Technical Confluences Detector is showing that XAU/USD has some support at $1,829, which is the convergence of the Simple Moving Average 5-4h, the previous daily high, the Bollinger Band one-hour Middle, the 5-day SMA and more. 

The gold price has an even more significant cushion at $1,814, which is the meeting point of the Pivot Point one-day Support 1 and the Fibonacci 38.2% one week. 

Looking up, some resistance awaits at $1,841, which is the confluence of the BB one-day Upper, the PP one-day Resistance 2 and more. 

Another minor cap is at $1,850, which is where the PP one-month R2 hits the gold price. 

All in all, XAU/USD has strong support and weak resistance, pointing to further gains. 

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

 

May 14, 2021

US: UoM Consumer Sentiment Index declines to 82.8 in May vs. 90.4 expected

The Consumer Sentiment Index in the US declined to 82.8 (preliminary) in May from 88.3 in April, the University of Michigan's latest Surveys of Consum
Read more Previous
May 14, 2021

USD/CHF drops toward 0.9000 as USD selloff continues

The USD/CHF pair extended its daily slide during the American trading hours and touched a daily low of 0.9013. As of writing, the pair was trading at
Read more Next