Gold Price Analysis

Gold Price Analysis

Gold (XAU / USD) is trading this Monday with the biggest earnings ever made. The unprecedented level of monetary and financial incentives embraced by global central banks and governments focused on inflation-adjusted US returns and benefited from gold that did not yield USD losses. Meanwhile, the rise of US-China tension has been the newest catalyst behind the latest rally in shiny metals. The ties between the two largest economies in the world broke the investors' feelings as a search for gold in the traditional port. The US is turning to Durable Goods Order data and performance in global stocks for the next move in prices. As stated by the Technical Confluences Indicator, let's look at how it is positioned technically ... A small set of support levels around $ 1931 suggests that it limits the rapid withdrawal of gold from record levels. This zone is the middle merger of SMA5 one hour, the previous low one hour, and the Bollinger Band in the middle of 15 minutes. Failure to resist the above-mentioned support area could increase the next support to $ 1924. The upward hurdle is around $ 1937, this is a strong hurdle. The pivot point is a monthly R3, the pivot point is a daily R3, and the pivot point is a weekly R1. Above this level could test all-time highs at $ 1944.76. The next hurdle was aligned at the psychological level of $ 1950.