current spot price of gold

 

current spot price of gold

The price of gold remains exposed to further downside risks amid noticeable demand for the US dollar so far on Friday.

 The dollar continues to build on the recovery rally, supported by risk-averse market conditions amid fears of an escalating recession.

 

The sell-off is spreading in the global bond market, where central banks are likely to stick to their tight course, in the face of raging inflation. 

The resulting rise in Treasury yields also bodes well for the greenback while weighing on gold with interest. 

The recent rise in the dollar was due to the Fed's hawkish comment, as they continue to support restrictive monetary policy until they are convinced that inflation has fallen.

 Looking ahead, in the absence of any first-rate US economic events, the re-pricing of the Fed's forecasts and weekend flows will play a pivotal role in the movement of the gold price against the US dollar.

 All eyes are now turning towards the Fed symposium in Jackson Hole next week.

Gold price: key levels to watch

The Technical Confluence Detector shows that the price of gold is eager to make a significant breakthrough below the crucial support at around$1,750.

 At this level, the 1-day pivot point, the four-hour SMA 200 and the four-hour lower Bollinger Bands converge.

Another downward trend towards Fibonacci will open 161.8 % in one week at dollar 1748. The next major support will appear at the 3-week pivot point at$1,743.

The semi-recent continuous move is crucial to start a new low towards 1,735 towards the 3-day pivot point.

On the flip side, the Bulls need to remove the immediate resistance around dollar 1,754-dollar 1,755, where the previous day's low meets the one-week 2 pivot point and the four-hour moving average5.

The next strong bullish obstacle is aligned at dollar 1763, a 38.2% Fibonacci convergence in one day, a 61.8% Fibonacci retracement in one month and a simple 50-hour moving average.

Moreover, the one-day Middle Bollinger band at 1,767 will defy bearish commitments. The previous week's low of dollar 1771 will be the last line of Defense for gold sellers.

About the Technical Confluence Detector

The TSD (Technical Confluence) is a tool for identifying and indicating price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc.

  If you are a short-term trader, you will find entry points for counter-trend strategies and chase a few points at a time.

 If you are a medium-to long-term trader, this tool will allow you to find out in advance price levels where the medium-to long-term trend may stop and Rest, where to relax, or where to increase the size of your position.