How is XAU/USD positioned on the charts?
The Technical Confluences Indicator is showing that gold has broken above several resistance lines, which now turn into support. Close to its current price, XUA/USD has support at around $1,910, which is the convergence of the Simple Moving Average 10-15m and the Fibonacci 61.9%.
It is followed by a considerable cushion at $1,904, which is a juncture including the previous four-hour high, the Fibonacci 38.2% one-month, and the SMA 50-1h.
The next support line is at $1,901, which is the confluence of the Bollinger Band 1h-Middle, the SMA 10-4h, the Fibonacci 38.2$ one-day, and the SMA 100-15m.
Resistance is at $1,926, which is the meeting point of the Pivot Point one-week Resistance 1 and the SMA 200-4h.
Further above, the upside target is $1,938, which is where the PP one-day R3 and the Fibonacci 61.8% one-month converge.