Gold Price Analysis: Corrective pullback stalls at key $1933 support, what’s next? – Confluence Detector

Gold (XAU/USD) recorded a fresh all-time high above $1980, as the quest for the psychological $2000 level continues on Tuesday.

An unprecedented Fed’s stimulus, falling real rates into the negative territory and US fiscal deadlock weighed on the US dollar, benefiting the yieldless gold. Further, growing concerns over the economic impact of the coronavirus pandemic also collaborated with the upside in the traditional safe-haven.

The yellow metal, however, failed to hold up at higher levels and saw a quick drop of about $35, as the greenback retraced some of its recent losses. Let’s look at the key levels for trading gold in the day ahead, as suggested by the Technical Confluences Indicator.

more to come ...