#XAUUSD @ 1,784.55 Gold is moving with a bearish bias on Monday. (Pivot Orderbook analysis)
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- Gold is moving with a bearish bias on Monday.
- Quiet day for financial markets ahead of US CPI, Fed, ECB and BoE.
- Daily close above $1,805 to open the doors to more gains.
The pair currently trades last at 1784.55.
The previous day high was 1806.14 while the previous day low was 1788.34. The daily 38.2% Fib levels comes at 1799.34, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1795.14, expected to provide resistance.
On a quiet Monday ahead of key events, XAU/USD is falling by more than $10, hovering around $1,784, the lowest level since Thursday. The yellow metal is extending the retreat from above $1,800.
Gold price lost momentum during the American session amid higher US Treasury yields that also boosted the US Dollar. The US 10-year yield stands at 3.56% while the 2-year at 4.34%. In Wall Street, the Dow Jones is up by 0.55% and the Nasdaq gains by 0.04%. The improvement in risk sentiment and the rally in crude oil prices (up by more than 3%) are not helping hold.
Price action remains limited on Monday ahead of likely volatile days ahead considering the upcoming events. On Tuesday, the US Consumer Price Index is due. On Wednesday, the Federal Reserve will announce its decision on monetary policy and on Thursday, the European Central Bank and the Bank of England.
Gold’s chart is still showing a bullish bias but the upside presents difficulties holding above $1,800. The price needs to hold that area. A clear sign would be a daily close above $1,805 that could open the doors to the next strong resistance zone seen at $1,830,
In the very short-term, the bias is to the downside with the next support at ·$1,775. A rebound above $1,790 (20-Simple Moving Average in the 4-hour chart) should change the bias.
Technical Levels: Supports and Resistances
XAUUSD currently trading at 1788.45 at the time of writing. Pair opened at 1795.08 and is trading with a change of -0.37 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1788.45 |
| 1 | Today Daily Change | -6.63 |
| 2 | Today Daily Change % | -0.37 |
| 3 | Today daily open | 1795.08 |
The pair is trading above its 20 Daily moving average @ 1767.3, above its 50 Daily moving average @ 1711.01 , above its 100 Daily moving average @ 1717.99 and below its 200 Daily moving average @ 1792.25
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1767.30 |
| 1 | Daily SMA50 | 1711.01 |
| 2 | Daily SMA100 | 1717.99 |
| 3 | Daily SMA200 | 1792.25 |
The previous day high was 1806.14 while the previous day low was 1788.34. The daily 38.2% Fib levels comes at 1799.34, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1795.14, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1786.9, 1778.72, 1769.1
- Pivot resistance is noted at 1804.7, 1814.32, 1822.5
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1806.14 |
| Previous Daily Low | 1788.34 |
| Previous Weekly High | 1810.12 |
| Previous Weekly Low | 1765.89 |
| Previous Monthly High | 1786.55 |
| Previous Monthly Low | 1616.69 |
| Daily Fibonacci 38.2% | 1799.34 |
| Daily Fibonacci 61.8% | 1795.14 |
| Daily Pivot Point S1 | 1786.90 |
| Daily Pivot Point S2 | 1778.72 |
| Daily Pivot Point S3 | 1769.10 |
| Daily Pivot Point R1 | 1804.70 |
| Daily Pivot Point R2 | 1814.32 |
| Daily Pivot Point R3 | 1822.50 |
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