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.
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.
Octa trading broker
Open trading account
Back

Gold Price Analysis: XAU/USD needs to hold onto $1,766 to recover – Confluence Detector

  • XAU/USD has been extending its losses in a long response to the Fed decision.
  • The Confluence Detector shows that XAU/USD has considerable support at $1,766.
  • Gold managing a bounce over night after an important sell signal

Where is the bottom? That is the question asked by those trading gold – and any other asset that is denominated in US dollars. The greenback's rise has been relentless following the Federal Reservel's hawkish decision on Wednesday. The world's most powerful central bank is moving toward printing fewer dollars and raising rates sooner rather than later.

The precious metal has an inverse correlation with America's currency and it is sliding despite a retreat in bond yields. How is XAU/USD positioned on the technical charts? 

The Technical Confluences Detector is showing that gold has critical support at $1,766, which is the convergence of the previous month's low and the Bollinger Band one-hour lower. 

Further down, a soft cushion awaits at $1,751, which is where the Pivot Point one-day Support 1 hits the price.

Looking up, initial resistance is at $1,781, which is the confluence of the Simple Moving Average 10-15m and the Fibonacci 23.6% one-day. 

The next level to watch is $1,790, which is where the Fibonacci 38.2% one-day and the previous 4h-low meet up. 

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

 

US Dollar Index pushes higher to 92.30, fresh 2-month highs

The bid bias in the dollar stays everything but abated and now lifts the US Dollar Index (DXY) to new 2-month peaks near 92.30. US Dollar Index up des
Read more Previous

AUD/USD hits fresh six months lows under 0.7500

The AUD/USD dropped further during the American session, breaking under 0.7500 as the rally of the US dollar goes on. The pair bottomed at 0.7483, rea
Read more Next