XAU/USD, “Gold vs US Dollar”
After forming a downside continuation pattern around 1638.98 and broken it downwards, Gold has completed the descending wave at 1555.55. Possibly, today the pair may form one more ascending structure to reach 1594.22. In fact, the instrument is expected to start a new rising wave with the target at 1768.50.
Gold prices have fallen sharply amid a massive market panic, that pushed everything lower – including the normally safe-haven precious metal. How is XAU/USD as a mad week draws to an end?
The Technical Confluences Indicator is providing good news for gold bulls, with strong support at $1,581, which is the convergence of the Simple Moving Average 5-4h, the Fibonacci 23.6% one-day, and the Fibonacci 23.6% one-month.
Gold prices have fallen sharply amid a massive market panic, that pushed everything lower – including the normally safe-haven precious metal. How is XAU/USD as a mad week draws to an end?
The Technical Confluences Indicator is providing good news for gold bulls, with strong support at $1,581, which is the convergence of the Simple Moving Average 5-4h, the Fibonacci 23.6% one-day, and the Fibonacci 23.6% one-month.
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