#XAUUSD @ 1,735.56 Gold price lacks any firm directional bias and remains confined in a range just above the weekly low. (Pivot Orderbook analysis)

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• Gold price lacks any firm directional bias and remains confined in a range just above the weekly low.
• Bets for less aggressive Fed rate hikes weigh on the USD and offer some support to the commodity.
• A positive risk tone caps gains for the XAU/USD as traders keenly await the FOMC meeting minutes.

The pair currently trades last at 1735.56.

The previous day high was 1749.81 while the previous day low was 1737.1. The daily 38.2% Fib levels comes at 1744.95, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1741.96, expected to provide resistance.

Gold price struggles to gain any meaningful traction on Wednesday and seesaws between tepid gains/minor losses through the first half of the European session. The XAU/USD is currently hovering near the weekly low, just above the $1,735 level, as traders await the November FOMC meeting minutes before placing fresh directional bets.

The recent hawkish signals by several Federal Reserve officials suggest that the US central bank might continue to tighten its monetary policy to tame inflation. Hence, investors will closely scrutinize the minutes for fresh clues on the Fed’s future rate hikes. This will play a key role in determining the near-term trajectory for the non-yielding Gold price.

In the meantime, rising bets for a relatively smaller 50 bps lift-off at the next FOMC policy meeting in December keep the US Dollar bulls on the defensive. This, in turn, is seen as a key factor lending some support to the Dollar-denominated Gold price. That said, a generally positive risk tone acts as a headwind and seems to cap the safe-haven precious metal.

Heading into the key event risk, market participants will look to the US macro releases – Durable Goods Orders and the usual Weekly Initial Jobless Claims – for some trading opportunities around the Gold price. The mixed fundamental backdrop, however, might hold back traders from placing aggressive bets and supports prospects for an extension of the sideways consolidative price move.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1739.62 at the time of writing. Pair opened at 1740.43 and is trading with a change of -0.05 % .

The pair is trading above its 20 Daily moving average @ 1706.46, above its 50 Daily moving average @ 1682.38 , above its 100 Daily moving average @ 1711.67 and below its 200 Daily moving average @ 1800.81

The previous day high was 1749.81 while the previous day low was 1737.1. The daily 38.2% Fib levels comes at 1744.95, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1741.96, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1735.08, 1729.74, 1722.37
• Pivot resistance is noted at 1747.79, 1755.16, 1760.5

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