Gold prices have surged after the Federal Reserve announced an emergency rate cut of 50 basis points in response to the coronavirus crisis. Lower yields make the precious metal more attractive.
The Technical Confluences Indicator is showing that XAU/USD faces resistance at $1,658, which is where the Pivot Point one-week Resistance 1 hits the price.
Further up, $1,663 is a cluster including the Bollinger Band one-day Upper, the PP one-day R1, and the PP one-month R1.
Support awaits gold at $1,641, which is the convergence of the BB 15min-Lower and the Fibonacci 61.8% one-week.
Further down, the yellow metal has support at $1,636, which is the meeting point of the Fibonacci 61.8% one-month, the Simple Moving Average 200-1h, and the Fibonacci 23.6% one-day.


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