Gold Price Forecast: XAU/USD upside appears more compelling ahead of US NFP – Confluence Detector

nfarm Payrolls during early Friday. In addition to the pre-data anxiety, a rethink over the latest dovish bias about the Federal Reserve’s next move and the risk-negative headlines from International Monetary Fund also appeared to have probed the Gold buyers.

Even if the quote breaks the $1,796 support, another key level including the Pivot Point 1 Week R2 and the previous monthly top surrounding $1,787 will be a tough nut to crack for the Gold bears.weakness past $1,787 won’t hesitate to challenge the weekly bottom surrounding $1,740. Also acting as an upside filter is the Pivot Point 1 Day R1 near $1,815, a break of which will give free hand to the bulls.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.

Source: Financial Digest (financialdigest.net)

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