Series: Wura Season 1-3 (2025) Nollywood

Gold prices have suffered a sell-off as April drew to a close and as money managers adjusted their portfolios. How is the precious metal positioned on the charts? The Technical Confluences Indicator is showing that XAU/USD faces resistance at $1691, which is the convergence of the Fibonacci 61.8% one-week, the Fibonacci 23.6% one-day, the Bollinger Band one-day Middle, the BB 15min-Upper, and more.

Further above, the next cap awaits at $1,705, which is the meeting point of the BB 4h-Middle and the Fibonacci 23.6% one-month. Next, up, $1,710 is the next hurdle – the place where the Simple Moving Average 50-4h and the Fibonacci 38.2% one-week. Looking down, some support awaits at $1,679, which is the confluence of the Fibonacci 38.2% one-month and the Pivot Point one-week Support 1.

Monster gains in mining stocks bode well for Gold and Silver

For one thing, it suggests that gold and silver are back in favor as alternative, non-cyclical, safe-haven asset classes. Oftentimes during a major rally in the broad equities market, precious metals and mining shares get left behind – or even sold off.

Not during these times. Gold itself rallied to a multi-year high of $1,775/oz mid-month before taking a breather. A break from its current consolidation pattern to the upside would likely entail a run toward gold’s former all-time high above $1,900.