#XAUUSD @ 1,779.00 Gold price extended its daily slide and dropped below $1,780. (Pivot Orderbook analysis)

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• Gold price extended its daily slide and dropped below $1,780.
• The risk-averse market environment helps the US Dollar continue to gather strength.
• 10-year US Treasury bond yield stays below 3.5%.

The pair currently trades last at 1779.00.

The previous day high was 1814.19 while the previous day low was 1795.61. The daily 38.2% Fib levels comes at 1802.71, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1807.09, expected to provide resistance.

Gold price came under renewed bearish pressure and dropped below $1,780 heading into the American session on Thursday, As of writing, XAU/USD was trading at $1,777.50, losing 1.7% on a daily basis.

The decisive recovery witnessed in the US Dollar weighs heavily on XAU/USD in the second half of the week. Although the Federal Reserve’s hawkish dot plot initially failed to provide a boost to the US Dollar, the currency seems to be benefiting from safe-haven flows on Thursday.

Growing fears over a global economic slowdown following the disappointing macroeconomic data releases from China and renewed concerns about the Fed’s tight policy outlook hurting the US economic activity force investors to seek refuge. Reflecting the risk-averse market atmosphere, US stock index futures are down between 0.75% and 1.25% on the day. A sharp decline in Wall Street’s main indexes is likely to help the US Dollar preserve its strength in the American session.

In the meantime, the benchmark 10-year US Treasury bond yield stays below the key 3.5% mark, possibly helping XAU/USD limit its losses for the time being.

Later in the session, November Retail Sales and Industrial Production data will be featured in the US economic docket alongside the weekly Initial Jobless Claims figures.

Market participants will also pay close attention to European Central Bank’s (ECB) policy announcements and ECB President Christine Lagarde’s press conference.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1778.19 at the time of writing. Pair opened at 1806.61 and is trading with a change of -1.57 % .

The pair is trading above its 20 Daily moving average @ 1770.93, above its 50 Daily moving average @ 1716.12 , above its 100 Daily moving average @ 1720.25 and below its 200 Daily moving average @ 1789.16

The previous day high was 1814.19 while the previous day low was 1795.61. The daily 38.2% Fib levels comes at 1802.71, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1807.09, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1796.75, 1786.89, 1778.17
• Pivot resistance is noted at 1815.33, 1824.05, 1833.91

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