Gold Price Forecast: XAU/USD looks to revisit $1,760 demand area – Confluence Detector Gold XAUUSD Confluences Commodities Fed
ndar is also contributing to the listless performance of Gold price. Meanwhile, investors turn cautious and help underpin the safe-haven demand for the US Dollar, in turn, capping the recovery attempts in the bright metal. The US Dollar continues to capitalize on the recent strong US ISM Services PMI and Factory Orders data, which have renewed expectations of more rate increases from the Federal Reserve , extending into the next year.
The next strong cushion is seen at around $1,765, the convergence of the Fibonacci 61.8% one-week, the previous day’s low and the SMA100 four-hour. Alternatively, Gold buyers need to find a strong foothold above the confluence of the Fibonacci 23.6% one-day and SMA5 one-day at $1,777. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
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