Gold Price Forecast: XAU/USD recovery needs acceptance from $1,975 and central banks – Confluence Detector – by anilpanchal7 Gold XAUUSD Confluences RiskAppetite CentralBanks
ropel sentiment and the XAU/USD price. In doing so, the XAU/USD traders portray the market’s cautious optimism ahead of this week’s top-tier data/events.
Amid these plays, the S&P500 Futures remain sidelined near 4,580, struggling to extend the previous day’s recovery, whereas the US 10-year and two-year Treasury bond yields retreat from the highest levels in two weeks to 3.86% and 4.84% in that order. It should be noted that the US Dollar’s retreat from a fortnight high also portrays the market’s optimism and propel the Gold Price.
The XAU/USD’s ability to cross the $1,964 hurdle joins the upbeat sentiment and the US Dollar’s retreat to keep the buyers hopeful of poking the $1,975 resistance confluence including Fibonacci 78.6% on one-week and Pivot Point one-month R1.
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