#XAUUSD @ 1,838.79 Gold price is struggling to sustain above $1,840.00 as yields escalate ahead of Fed minutes. (Pivot Orderbook analysis)

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• Gold price is struggling to sustain above $1,840.00 as yields escalate ahead of Fed minutes.
• A fresh rebound in the US economic indicators that provide guidance on inflation has cleared that inflation is stubborn in nature.
• Gold price is doing efforts in shifting its auction above the 20-period EMA.

The pair currently trades last at 1838.79.

The previous day high was 1847.59 while the previous day low was 1837.36. The daily 38.2% Fib levels comes at 1841.27, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1843.68, expected to provide resistance.

Gold price (XAU/USD) is displaying a lackluster performance above $1,840.00 in the Tokyo session. The precious metal is gauging a direction, however, the volatility contraction will continue to stay ahead of the release of the Federal Open Market Committee (FOMC) minutes.

Investors’ risk appetite has trimmed as uncertainty has escalated ahead of the opening of markets in the United States after an extended weekend. This has led to a further decline in risk-sensitive assets like S&P500 futures. The US Dollar Index (DXY) has shown a rebound to near 103.70 but is still inside the woods ahead of the FOMC minutes. Meanwhile, the alpha generated on 10-year US Treasury bonds has climbed above 3.86%.

A fresh rebound in the US economic indicators that provide guidance on inflation has cleared that the Consumer Price Index (CPI) is stubborn in nature and will force Federal Reserve (Fed) chair Jerome Powell to raise rates further to tame price pressures. For more guidance, the FOMC minutes will be keenly watched.

But before that, the release of the preliminary S&P Global PMI (Feb) figures will be keenly watched. As per the consensus, the preliminary Manufacturing PMI (Feb) will land lower at 46.8 vs. the prior release of 46.9. And, the Services PMI will release at 46.6 against the former release of 46.8.

Gold price has shown a responsive buying action after a downside trend to near the 38.2% Fibonacci retracement (plotted from November 03 low at $1,616.69 to February 2 high at $1,959.71) at $1,828.95. The dotted downward-sloping trendline from February 9 high at $1,890.27 will act as a major barricade for the Gold bulls.

The precious metal is aiming to shift its auction above the 20-period Exponential Moving Average (EMA) at $1,841.00, which will activate the short-term bullish trend.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted into the 40.00-60.00 range from the bearish range of 20.00-40.00, which indicates that the asset is no more bearish for now.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1841.47 at the time of writing. Pair opened at 1841.47 and is trading with a change of 0.0 % .

The pair is trading below its 20 Daily moving average @ 1886.51, below its 50 Daily moving average @ 1863.2 , above its 100 Daily moving average @ 1787.91 and above its 200 Daily moving average @ 1776.14

The previous day high was 1847.59 while the previous day low was 1837.36. The daily 38.2% Fib levels comes at 1841.27, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1843.68, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1836.69, 1831.91, 1826.46
• Pivot resistance is noted at 1846.92, 1852.37, 1857.15

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