Gold has recovered after the "sell-everything" mode in global markets battered by the coronavirus outbreak. The precious metal is a safe-haven asset and may have room to rise. What are the technical levels to watch on XAU/USD?
The Technical Confluences Indicator is showing that gold has support at $1,493, which is the convergence of the Fibonacci 38.2% one-day, the Fibonacci 38.2% one-week 38.2% one-week, and the Bollinger Band 1h-Middle.
Further support awaits at $1,487, which is the meeting point of the Simple Moving Average 10-4h and the SMA 5-1h.
Resistance awaits at $1,500, which is the confluence of the SMA 5-one-day, the previous 4h-high, and the Fibonacci 23.6% one-day.
The next cap is $1,505, where the 200-day SMA meets the price.
The upside target is $1,516, where the BB 1h-Upper converges with the previous daily high.
Here is how it looks on the tool:


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