XAU/ USD has raised to highest level at $1907 . This Friday’s Asian trading, the persistent weakness in the US dollar across its main peers, in the wake of the renewed concerns over the US economic recovery, stimulus stand-off and fresh lockdowns in the country, continues to keep the buying interest intact in the yellow metal. The US dollar index meanders near 22-month lows of 94.57, posting small losses, at the press time.According to the tool, the precious metal needs to pierce through the nine-year highs at $1898.44, where Fibonacci 23.6% one -day lie, to take on the $1900 level.
A decisive break above the $1900 round figure would call for a test of the powerful barrier at $1904, the convergence of the Bollinger Band four-hour Upper and Pivot Point one-day R1.
The record high at $1921.17 will be the next upside target.The next support is aligned at the Fibonacci 61.8% one-day of $1877, below which the SMA10 four-hour at $1875 could be tested.
Further south, a cluster of support levels is seen around $1867, the confluence of the pivot point one-day S1 and Bollinger Band one-day Upper. So before open trade must recognize market trend which saves you huge loss.
Best of luck