Gold Price Forecast: XAU/USD looks to retest key $1,923 support amid Ukraine woes – Confluence Detector Gold RiskAversion Ukraine Commodities Confluences
The next stop for gold bears is seen at $1,926, where the pivot point one-day S1 aligns. Further south, the previous day’s low at $1,923 will be back in focus.
Alternatively, if bulls regain control, then the immediate upside hurdle at $1,937 will be probed. At that level, the pivot point one-week S1 and the previous high four-hour coincide. Should the renewed upside pick up momentum, gold buyers will then look to threaten the previous day’s high at $1,950.The TCD 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. If you are a short-term trader, you will find entry points for counter-trend strategies and hunt a few points at a time.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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