Gold Price Forecast: XAU/USD crosses immediate hurdle to $1,950 – Confluence Detector – by anilpanchal7 Gold XAUUSD Inflation Confluences Commodities
oad US Dollar weakness, mainly due to the softer US inflation expectations and mixed China data. However, the hawkish Fed talks and the US-China tension prod the XAU/USD bulls amid a cautious mood ahead of Wednesday’s US inflation numbers.
Our Technical Confluence Indicator shows that the Gold Price edges higher after crossing the $1,930 key support comprising the Fibonacci 23.6% on one-week, 38.2% on one-month and the previous daily high. Following that, a convergence of the 100-DMA and 61.8% on one-month, around $1,950, will be in the spotlight.
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