Gold Price Forecast: XAUUSD bulls have the upper hand, could target $1,800 – Confluence Detector – by hareshmenghani Gold Commodities Fed XAUUSD Confluences
US Treasury bond yields, bolstered by Federal Reserve Governor Christopher Waller's hawkish comments on Sunday, assists theto stage a solid bounce from the post-US CPI slump to a nearly three-month low. This, in turn, is seen as a key factor exerting some downward pressure on the dollar-denominated commodity. That said, rising bets for smaller interest rate hikes by the US central bank help limit deeper losses for the non-yielding yellow metal, at least for the time being.
On the flip side, immediate resistance is pegged near the $1,774 region - Pivot Point 1-Month R2. A sustained strength beyond should allow bulls to reclaim the $1,800 psychological mark - Fibonacci 161.8% 1-Month. The latter should act as a pivotal point, which if cleared decisively should pave the way for an extension of the upward trajectory witnessed over the past two weeks or so.
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