Gold Price Forecast: XAU/USD needs a break below $1,784 to extend the correction – Confluence Detector Gold XAUUSD Confluences Commodities Fed
,808 after softer US inflation triggered a sharp sell-off in the dollar alongside the Treasury yields. Odds of a 75 bps September Fed rate hike have dropped to nearly 43% vs. 68% seen pre-inflation data release. The greenback is resuming its downtrend this Thursday, as markets continue to believe that a one-time softening in the price pressure is unlikely to dissuade the Fed from altering its monetary policy course.
Should sellers manage to find a strong foothold below the latter, a fresh drop towards the Fibonacci 38.2% one-week at $1,780 will be on the table.bulls is seen at the confluence of the SMA10 one-day and the pivot point one-day S2 at $1,775. Bulls will then target the Fibonacci 61.8% one-day at $1,800, bringing the monthly high of $1,808 back in sight.The TCD is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages,, 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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