- XAU / USD extended losses in response to Fed decision.
- The confluence detector shows that XAU / USD has significant support at $ 1766.
- Gold was able to recover overnight after an important sales signal.
Where is the bottom? That’s the question traders ask in gold – and any other asset in US dollars. The role of the dollar has not diminished since the Fed’s Mediterranean hawkish decision. The world’s most powerful central bank is aiming to print fewer dollars and raise prices Interest sooner rather than later.
The precious metal has an inverse relationship to the US currency and is declining despite declining yields bond. What does XAU / USD look like on technical tables?
This is shown by the technical convergence zone detector gold It has critical support at $ 1,766, which is the confluence of the previous monthly low and the lower Bollinger band of 1 hour.
In addition, the soft pillow is waiting for $ 1751, which is where the first key support area in one day meets the price.
Looking above, the initial resistance is $ 1781, which is the confluence of a 10-15 minute SMA and 23.6% of the one-day Fib retracement.
The next level monitored is $ 1790, which is where the one-day 38.2% Fibonacci retracement and previous 4-hour lows meet.
Levels of support and resistance