#XAUUSD @ 1,847.57 Gold price is continuously attempting to surpass the critical resistance of $1,850.00. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• Gold price is continuously attempting to surpass the critical resistance of $1,850.00.
• The release of the US ISM PMI will trigger a power-pack action in the US Dollar Index.
• A decline is expected in the volume of US ISM Manufacturing PMI data.

The pair currently trades last at 1847.57.

The previous day high was 1850.03 while the previous day low was 1824.7. The daily 38.2% Fib levels comes at 1840.35, expected to provide support. Similarly, the daily 61.8% fib level is at 1834.38, expected to provide support.

Gold price (XAU/USD) has turned sideways around $1,844.00 in the early European session after surpassing the $1,840.00 hurdle. The precious metal continues its struggle for breaking above the crucial resistance of $1,850.00. The gold price is expected to display a decisive move after the release of United States ISM Manufacturing PMI data.

S&P500 futures have attempted a recovery move in the Asian session after a two-day sell-off but still need more filters for attracting a responsive buying action, portraying cautious optimism. The US Dollar Index (DXY) is struggling to sustain above the 104.20 hurdle, sensing pressure due to a fall in the 10-year US Treasury yields below 3.73%.

According to the estimates, the ISM Manufacturing PMI is expected to deepen further to 48.5 from November’s release of 49.0. Shrinking manufacturing activities in the United States are expected to deliver signals of further downside in the inflation projections, which could compel the Federal Reserve (Fed) to a slowdown in the policy tightening measures. However, investors will get more clarity on the monetary policy outlook through Federal Open Market Committee (FOMC) minutes, which will release on Thursday.

Gold price is displaying a sideways auction profile after a breakout of the horizontal resistance, which has turned into a support area for bulls around $1,824.00. Upward sloping 20-and 50-period Exponential Moving Averages (EMAs) at $1,841.14 and $1,833.50 respectively indicate more upside ahead.

The Relative Strength Index (RSI) (14) has shifted into the bullish range of 60.00-80.00, which signals that the bullish momentum has been triggered.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1846.46 at the time of writing. Pair opened at 1838.16 and is trading with a change of 0.45 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1803.06, 50 SMA 1757.02, 100 SMA @ 1724.08 and 200 SMA @ 1779.26.

The previous day high was 1850.03 while the previous day low was 1824.7. The daily 38.2% Fib levels comes at 1840.35, expected to provide support. Similarly, the daily 61.8% fib level is at 1834.38, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1825.23, 1812.3, 1799.9
• Pivot resistance is noted at 1850.56, 1862.96, 1875.89

[/s2If]
Join Our Telegram Group