XAU/USD tests key technical confluence after rebound from $4230.70 area
Gold extended the rally that began at Wednesday's weekly low. That low formed near the 61.8% retracement of the advance from the end of July, a level sitting at $4230.70. Price is now locked in a technical battle between buyers and sellers. Both sides are testing a confluence of key levels defined by short-term and daily moving averages, retracement levels and prior swing points. The source does not give specific values for these moving averages or swing levels. The hold at the 61.8% retracement gave buyers a technical base for the latest advance. For traders, the reaction at the current confluence is the key signal. A sustained move through it would favour buyers extending the rebound. A rejection would hand momentum back to sellers, with the $4230.70 retracement low the reference point.
Related Symbols:
XAUUSD
This is a summary of the original article by Forexlive. To read the complete article, please visit the source website:
Read Full Article at ForexliveNews data provided by Finnhub. ForexSentiment.live provides this summary as a convenience with proper attribution to the original source. The full article is available at the original publisher's website.
