Gold Price Forecast: XAU/USD key levels to watch amid cautious markets – Confluence Detector.

Gold’s fate hinges on the US bond market action, Ukraine updates.The US dollar draws renewed safe-haven demand amid firmer Treasury yields.Gold price turns bearish with technicals amid bond rout, 50-DMA back in sight.

Gold price continues to remain at the mercy of the dynamics in the US bond market and the developments surrounding the Russia-Ukraine crisis. Gold price has enjoyed good two-way businesses so far this Monday, although the renewed upside lacks follow-through momentum. Risk sentiment has turned sour as the EU readies more sanctions against Russia, which will buoy the safe-haven US dollar’s demand at gold’s expense. Further, the hawkish Fed’s outlook-led rally in the US Treasury yields is also likely to keep gold sellers cheerful, in the absence of top-tier economic events.

Gold Price: Key levels to watch

The Technical Confluences Detector shows that gold price is testing offers at powerful resistance of the Fibonacci 61.8% one-week at $1,934.

If the latter is scaled, then gold bulls will face the next relevant resistance around $1,937, which is the confluence of the pivot point one-day R1, SMA 50, 100 and 200 four-hour.

The previous day’s high at $1,940 will test the bearish commitment further up. A sustained break above that level will fuel a fresh rally towards the pivot point one-day R2 at $1,949.

On the flip side, gold sellers are attacking strong support at $1,928, which is the SMA5 one-day.

The next downside target aligns at $1,925, the confluence of the SMA5 four-hour and the Fibonacci 23.6% one-day.

Fierce cap at around $1,917 will be the last resort for gold bulls, as the latter is the intersection of the Fibonacci 38.2% one-week, the previous day’s low and the pivot point one-day S1.

EUR/USD hovers around 1.1050 amid firmer yields.EUR/USD is trading around 1.1050, as bulls are struggling for an upside daily extension amid the extended rally in the US Treasury yields. The market mood remains cautiously optimistic on some progress on the Russia-Ukraine peace talks while the US dollar steadies at higher levels. 


GBP/USD holds higher ground above 1.3100 ahead of BOE’s Bailey.GBP/USD is reversing a brief dip below 1.3100 ahead of a slew of speeches from the Bank of England (BOE) officials later this Monday. The upside, however, appears limited, as the Treasury yields advance further amid hawkish Fed’s outlook, which could help revive the US dollar’s demand.


Gold key levels to watch amid cautious markets.Gold price continues to remain at the mercy of the dynamics in the US bond market and the developments surrounding the Russia-Ukraine crisis. 

Leave a Comment

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s