Gold price is looking for an establishment above $1,750.00 amid euphoria in the market. (Pivot Orderbook analysis)

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• Gold price is looking for an establishment above $1,750.00 amid euphoria in the market.
• The Fed believes that long-term inflation expectations are well anchored around 2%.
• The precious metal is hovering around the 200-EMA at $1,760.00

The pair currently trades last at 1752.9.

The previous day high was 1756.15 while the previous day low was 1703.95. The daily 38.2% Fib levels comes at 1736.21, expected to provide support. Similarly, the daily 61.8% fib level is at 1723.89, expected to provide support.

Gold price (XAUUSD) has recovered after a marginal correction that dragged the asset below $1,750.00 in the Tokyo session. The precious metal is aiming to shift its auction profile above $1,750.00 as the risk profile has continued its upbeat performance on Friday.

S&P500 futures are holding their Friday’s bumper gains and a minor recovery in the US dollar index (DXY) is getting exhausted. Rising demand for government bonds has trimmed their returns dramatically. The 10-year US Treasury yields have plummeted to 3.81%.

It is worth noting that US markets will be closed on Friday on account of Veterans Day.

October’s inflation report has clarified that the Federal Reserve (Fed) will re-consider its policy tightening plans and may slow down its current pace of hiking interest rates. However, Cleveland Fed Bank President Loretta Mester believes that restrictive policy measures by the US central bank should continue given the persistent nature of inflation.

The US economy will face one more test of inflation on Friday as long-term inflation expectations will release ahead. The Fed has been reiterating that long-term inflation expectations are well-anchored at around 2%. An increment in the economic data could spoil the market mood ahead.

On the daily scale, the gold price is marginally far from kissing the 200-period Exponential Moving Average (EMA) at $1,760.00 for the first time in the past five months. The horizontal resistance placed from June 14 low at $1,805.11 will act as a major hurdle ahead.

The Relative Strength Index (RSI) (14) has overstepped 60.00 for the first time in seven months, showing no signs of divergence and overbought.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1752.9 at the time of writing. Pair opened at 1755.84 and is trading with a change of -0.17 % .

The pair is trading above its 20 Daily moving average @ 1660.6, above its 50 Daily moving average @ 1674.68 , above its 100 Daily moving average @ 1715.62 and below its 200 Daily moving average @ 1803.67

The previous day high was 1756.15 while the previous day low was 1703.95. The daily 38.2% Fib levels comes at 1736.21, expected to provide support. Similarly, the daily 61.8% fib level is at 1723.89, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1721.14, 1686.45, 1668.94
• Pivot resistance is noted at 1773.34, 1790.85, 1825.54

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