Gold Price Analysis: XAU/USD eyes $1717 key support ahead of Powell – Confluence Detector

Gold (XAU/USD) is underneath strain beneath $1750, courtesy of the resurgent haven demand for the US greenback throughout the board. The Turkish central financial institution upheaval over the weekend and overheating fears proceed to improve the greenback’s safe-haven appeal. Also, the Fed’s choice to let a capital damage on large banks expire on Friday weighs negatively on gold.

Next of observe for gold stays a slew of Fedspeak due later on Monday, with the Fed Chair Jerome Powell’s speech eagerly awaited.

How is gold placed on the charts?

Gold Price Chart: Key resistance and help levels
The Technical Confluences Detector suggests that gold is difficult the bears’ commitments at the fierce help of $1737, which is the intersection of the preceding low four-hour, SMA10 four-hour and SMA5 one-day.

A breach of the ultimate would expose the Fibonacci 61.8% one-week at $1733.

The subsequent applicable cushion for the XAU bulls is considered at $1725, the place the pivot factor one-week S1 intersect with the Bollinger Band four-hour lower.

The confluence of the preceding month low and Fibonacci 161.8% one-day at $1717 gives sturdy support, which will be a hard nut to crack for the XAU sellers.

On the flip side, a dense cluster of resistance degrees is aligned round $1743, the assembly factor of the SMA5 four-hour, Fibonacci 38.2% one-week and Fibonacci 23.6% one-day.

The subsequent upside goal is positioned at $1747, the Friday’s excessive and Fibonacci 23.6% one-week.

The Fibonacci 23.6% one-week at $1754 is the subsequent applicable barrier for the buyers.

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