#XAUUSD @ 1663.13 A weaker dollar and risk appetite offers support to gold on Monday. (Pivot Orderbook analysis)
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- A weaker dollar and risk appetite offers support to gold on Monday.
- US yields off lows, limiting upside in XAU/USD.
- XAU/USD facing resistance at $1,670, building support around $1,660.
The pair currently trades last at 1663.13.
The previous day high was 1671.81 while the previous day low was 1640.23. The daily 38.2% Fib levels comes at 1652.29, expected to provide support. Similarly, the daily 61.8% fib level is at 1659.75, expected to provide support.
Gold is rising on Monday, recovering from the two-week low it hit on Friday at $1,639. After the beginning of the American session it peaked at $1,668 and then pulled back to the $1,660 area.
The recovery in gold is being driver by lower yields and a weaker US dollar. The US Dollar Index (DXY) is falling by 0.90% and it tested the weekly low at 112.15. The US 10-year yield stands at 3.95% while the 2-year at 4.44%.
In Wall Street, stocks are recovering sharply after Friday’s slump. The Dow Jones rises by 1.75% and the Nasdaq gains 3.21%. Crude oil is flat for the day while silver is up 2.25%.
The upside in gold lost momentum before $1,670; a level that is a key resistance. A break higher would expose the next barrier which is the $1,680 area. A daily close above would be a positive technical development for gold bulls.
On the flip side, the immediate support is the $1,660 zone. Below the next level is the critical $1,640 that capped the downside last week. If XAU/USD drops below it could accelerate the move lower.
Technical Levels: Supports and Resistances
XAUUSD currently trading at 1661.44 at the time of writing. Pair opened at 1645.08 and is trading with a change of 0.99 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1661.44 |
| 1 | Today Daily Change | 16.36 |
| 2 | Today Daily Change % | 0.99 |
| 3 | Today daily open | 1645.08 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1671.65, 50 SMA 1711.2, 100 SMA @ 1750.09 and 200 SMA @ 1818.49.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1671.65 |
| 1 | Daily SMA50 | 1711.20 |
| 2 | Daily SMA100 | 1750.09 |
| 3 | Daily SMA200 | 1818.49 |
The previous day high was 1671.81 while the previous day low was 1640.23. The daily 38.2% Fib levels comes at 1652.29, expected to provide support. Similarly, the daily 61.8% fib level is at 1659.75, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1632.94, 1620.79, 1601.36
- Pivot resistance is noted at 1664.52, 1683.95, 1696.1
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1671.81 |
| Previous Daily Low | 1640.23 |
| Previous Weekly High | 1699.96 |
| Previous Weekly Low | 1640.23 |
| Previous Monthly High | 1735.17 |
| Previous Monthly Low | 1614.85 |
| Daily Fibonacci 38.2% | 1652.29 |
| Daily Fibonacci 61.8% | 1659.75 |
| Daily Pivot Point S1 | 1632.94 |
| Daily Pivot Point S2 | 1620.79 |
| Daily Pivot Point S3 | 1601.36 |
| Daily Pivot Point R1 | 1664.52 |
| Daily Pivot Point R2 | 1683.95 |
| Daily Pivot Point R3 | 1696.10 |
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