#XAUUSD @ 1651.96 Gold price is juggling in a limited territory amid lackluster DXY. (Pivot Orderbook analysis)

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• Gold price is juggling in a limited territory amid lackluster DXY.
• The precious metal has underperformed against risk-perceived currencies amid firmer yields.
• Solid bets for a hawkish Fed policy have kept the 10-year US yields above 4%.

The pair currently trades last at 1651.96.

The previous day high was 1668.53 while the previous day low was 1643.84. The daily 38.2% Fib levels comes at 1659.1, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1653.27, expected to provide resistance.

Gold price (XAU/USD) is displaying back-and-forth moves after defending the downside bias below the critical support of $1,650.00. The precious metal is oscillating in a narrow range of $1,645.91-1,657.33 range in early Tokyo. Firmer risk-on sentiment in the market has failed to underpin the yellow metal.

S&P500 has delivered back-to-back bullish trading sessions as the quarterly earnings season has kicked off. Apart from that, risk-perceived currencies have also capitalized on every pullback. The US dollar index (DXY) has logged losses and is hovering around 112.00. The mighty DXY is expected to surrender the 112.00 support further.

The catalyst which is restricting a reversal in the gold prices is the firmer yields that have not surrendered their elevated levels. The 10-year US Treasury yields are holding above the critical hurdle of 4% as the odds for a 75 basis point (bps) rate hike by the Federal Reserve (Fed) are extremely solid. As per the CME FedWatch tool, chances of an increment in the interest rates by 75 bps consecutively for the fourth time stand at around 95%.

Gold prices are auctioning in a symmetrical triangle on an hourly scale as volatility has contracted amid the absence of a trigger in the economic calendar. The downward-sloping trendline is placed from Thursday’s high at $1,682.53 while the upward-sloping trendline is plotted from Friday’s low at $1,640.23.

The precious metal is overlapping with the 20-period Exponential Moving Average (EMA) at $1,652.30, which indicates a consolidation ahead.

Also, the Relative Strength Index (RSI) (14) is oscillating in a 40.00-60.00 range, which indicates the unavailability of a potential trigger.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1652.2 at the time of writing. Pair opened at 1650.1 and is trading with a change of 0.13 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1670.36, 50 SMA 1708.42, 100 SMA @ 1748.03 and 200 SMA @ 1817.76.

The previous day high was 1668.53 while the previous day low was 1643.84. The daily 38.2% Fib levels comes at 1659.1, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1653.27, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1639.78, 1629.47, 1615.09
• Pivot resistance is noted at 1664.47, 1678.85, 1689.16

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