#XAUUSD @ 1,796.18 Gold price is hovering around $1,800.00 as investors await US ISM Services PMI data. (Pivot Orderbook analysis)

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• Gold price is hovering around $1,800.00 as investors await US ISM Services PMI data.
• The upbeat US NFP data has failed to fade the odds of the Fed’s rate hike slowdown.
• Solid United States Services New Orders could drive inflation expectations higher.

The pair currently trades last at 1796.18.

The previous day high was 1804.52 while the previous day low was 1778.55. The daily 38.2% Fib levels comes at 1788.47, expected to provide support. Similarly, the daily 61.8% fib level is at 1794.6, expected to provide support.

Gold price (XAU/USD) is facing immense pressure in conquering the round-level resistance of $1,800.00 in the early Tokyo session. The precious metal is highly expected to display more gains ahead and may extend towards a fresh three-month high at $1,824.63 as the upbeat US Nonfarm Payrolls (NFP) failed to fade the risk appetite theme.

The US Dollar Index (DXY) is looking to re-test the previous week’s low around 104.40 as the market participants are of the view that solid employment generation in November is unable to fade expectations of a slowdown in interest rate hike pace by the Federal Reserve (Fed). Also, the 10-year US Treasury yields have dropped further below 3.50% and are not getting any intermediate cushion.

The economic catalyst that investors are awaiting for further guidance is the United States ISM Services data, which will release on Monday. The economic data is seen higher at 55.6 vs. the prior release of 54.4. Apart from that, the catalyst which will impact Gold prices is the ISM Services New Orders Index data. The economic data is expected to land higher at 58.5, which indicates robust demand by households that may provide a cushion to inflation ahead.

On an hourly scale, the Gold price has picked up decent demand after a correction to near November 15 high at $1,777.32. The yellow metal is aiming to reclaim a three-months high at around $1,805.00. The Gold price has scaled above the 20-period Exponential Moving Average (EMA) at $1,795.90 after sensing support from the 50-EMA around $1,790.00, which indicates that the short-term trend has tilted north.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1798.07 at the time of writing. Pair opened at 1797.48 and is trading with a change of 0.03 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1752.58, 50 SMA 1697.48, 100 SMA @ 1714.54 and 200 SMA @ 1795.75.

The previous day high was 1804.52 while the previous day low was 1778.55. The daily 38.2% Fib levels comes at 1788.47, expected to provide support. Similarly, the daily 61.8% fib level is at 1794.6, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1782.51, 1767.55, 1756.54
• Pivot resistance is noted at 1808.48, 1819.49, 1834.45

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