XAU/USD looks north, two key levels to watch out – XAU/USD

 Gold (XAU / USD) started the US nonfarm payrolls (NFP) week on solid ground, rallying nearly $ 20 on Monday. The metal bounced off the SMA100-day support for the third consecutive day, courtesy of the great retreat of the US dollar relative to the peaks of two months.

The risk on mood returned amid Chinese industrial profits optimistic data, lifting sentiment on global markets at the expense of green refuge ticket. Moreover, hopes the US Congress reach an agreement fiscal stimulus has also added to the optimism of the broader market.

Attention now turns to a large number of speeches by Fed policy makers, the US consumer confidence data and the first debate of presidential elections in the United States to gather fresh clues on prices . Meanwhile, we’ll see how gold is positioned technically.

Key resistances and supports

Following the higher correction movement, the confluences technical indicator suggests that gold faced resistance to immediate fierce to $ 1889 which is the convergence of Fibonacci 38.2% for a week and the Gaza Bollinger greater than 15 minutes.

The buyers then seek to win the next hurdle at $ 1894, the intersection of the pivot point R1 a day and the upper Bollinger Band hour.

A strong recovery towards the $ 1905 barrier will be fed, which is the pivot point R2 a day.

On the downside, strong support at $ 1875 would probably limit withdrawals. At this level coincides SMA5 a day with the 23.6% Fibonacci day.

Further down, a bunch of minor support levels will slow down until the ingot reaches the critical cushion $ 1863 which is the convergence of the low of the previous month, Fibonacci 61.8% of a day and a pivot point a month S1.

fxsoriginal
Its look on the tool like this

DailyForexTrading represented today’s market forecast.

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