A December to remember for gold? The precious metal has started the last month of the year with success – jumping back above $ 1,800 and reversing its losses in late November. The market has returned to an upbeat mood and XAU / USD is rising with stocks once again.
What’s the next level to watch for?
The Technical Confluences Indicator shows that some weak resistance awaits at $1,806, where Fibonacci 161.8% one day awaits the price.
The critical limit is $1,812, which is a dense set of levels including one-day Pivot Point Resistance 3, one-week Fibonacci 38.2%, and one-month Fibonacci 23.6%.
Support is found at $1,799, which is the convergence of the 15-minute Upper-Bollinger Band, one-week Fibonacci 23.6%, and the all-important 200-day Simple Moving Average.
Other essential pillows are waiting for about $1,790, which is the confluence of the previous daily highs and the one-day PP R1.
Major XAU / USD resistance and support
Confluence Detector finds interesting opportunities using Technical Confluences. TC is a tool to find and show the price level where there is a jam indicator, moving average, Fibonacci levels, Pivot Points, etc. Knowing where these bottlenecks are is very useful for traders, and can be used as a basis for various strategies.
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