#XAUUSD @ 1,787.27 Gold price has slipped sharply below $1,790.00 as anxiety soars ahead of Fed’s policy. (Pivot Orderbook analysis)

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• Gold price has slipped sharply below $1,790.00 as anxiety soars ahead of Fed’s policy.
• The US Dollar Index is struggling to surpass the immediate resistance of 105.20 despite the risk-off mood.
• Apart from the Fed’s policy, investors will also focus on the United States Inflation data.

The pair currently trades last at 1787.27.

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.

Gold price (XAU/USD) has tumbled to near $1,787.00 in the Tokyo session after failing to sustain near the critical resistance of $1,805.00. The precious metal is shifted into a bearish trajectory as investors are getting anxious amid uncertainty over Federal Reserve (Fed) policy outlook.

New developments in United States’ economic prospects after the release of the better-than-anticipated employment report and demand in the service sector for November month signaled that the Fed might continue the current interest rate hike pace to offset fresh evidence indicating a rebound in inflation or may provide higher interest rate guidance.

However, Fed policymakers warned that the continuation of a bigger rate hike regime could accelerate financial risks in the United States economy.

Meanwhile, the US Dollar Index (DXY) is struggling to surpass the immediate resistance of 105.20. S&P500 futures are displaying a subdued performance as investors have shifted to the sidelines ahead of Fed policy.

Going forward, investors will also focus on the US Consumer Price index (CPI) data, which will release on Tuesday. As per the consensus, the headline inflation is seen unchanged at 7.7%.

On an hourly scale, the Gold price is declining to near the upward-sloping trendline plotted from November 23 low at $1,721.23. The precious metal has surrendered the 50-period Exponential Moving Average (EMA) at $1,791.60. While, the 200-EMA around $1,780.00 is still advancing, which adds to the upside filters.

Meanwhile, the Relative Strength Index (RSI) (14) has dropped sharply to near 40.00 from the bullish range of 60.00-80.00. A slippage inside the 20.00-40.00 range will trigger a bearish momentum ahead.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1787.4 at the time of writing. Pair opened at 1795.08 and is trading with a change of -0.43 % .

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

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

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