Gold Rate Assertion: XAU/USD to $1791
Gold rose 1% on Tuesday, erasing half of the sales seen since Friday, as bulls are once again looking for the 00 1800 mark. The continued decline of the US dollar across the board has helped restore the price of gold. The demand for safe haven for the dollar is being mitigated by the flow of risk, which is lowering the price of gold. Concerns about rising prices and global economic growth have been overshadowed by expectations of strong corporate earnings reports from the United States, particularly from the tech sector. Amid the data light on Tuesday, the decline in US Treasury yields also proved well for the price of gold.
Key levels for monitoring the price of gold.
According to the Technical Confluence Detector, Gold is on a solid recovery path, and PivotPoint is currently challenging the one-day R3 and the previous high of چار 1783 four hours.
Fibonacci 23.6% a week Fibonacci 61.8% a month corresponds, with the next stop of the gold bulls is 9 1791.
The key SMA200 will be further tested at دن 1795 a day. Pivot Point One week R1 intersects at this level.
When last week’s high reaches $ 1801, bearish promises will be tested.
On the other hand, a rejection at higher levels could signal sellers to immediately hit support near 17 1,778, the junction of the SMA50 one-day and the Bollinger Bands four-hour middle.
The next key support level is 7 1772, which is the confluence of the previous day’s high and the SMA200 four-hour moving average.
Around 1770, a thick cluster of good support levels has formed, which has limited the further decline in the price of gold.
Fibonacci makes up 61.8% a week, SMA50 four hours, and SMA200 one hour demand area.
The Fibonacci 38.2% one-month and one-day Convergence AP will line up in the sand for gold buyers around ً 1,765.