#XAUUSD @ 1,812.08 US Dollar and yields rise further after US economic data. (Pivot Orderbook analysis)

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• US Dollar and yields rise further after US economic data.
• US Core PCE rises above expectations in January.
• Gold hits fresh weekly lows near $1,810.

The pair currently trades last at 1812.08.

The previous day high was 1833.88 while the previous day low was 1817.44. The daily 38.2% Fib levels comes at 1823.72, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1827.6, expected to provide resistance.

Gold prices dropped further after the beginning of the American session amid a stronger US Dollar and higher Treasury bond yields following data that showed the core PCE rose at the highest rate in six months, above expectations.

XAU/USD bottomed at $1,809/oz, the lowest level since December 29. It is hovering around the lows, looking at the $1,800 area. The 20-week Simple Moving Average awaits at $1,797. Bulls need to recover the $1,820 area in order to alleviate the bearish pressure.

The downside extended following the January Personal Income and Spending. The numbers came in above expectations. Market participants looked into inflation numbers. The Federal Reserve’s preferred inflation gauge, the core PCE rose by 0.6%, to an annual rate of 4.7%, up from the 4.6% of December and against expectations of a decline.

The Dollar gained momentum after the economic numbers, US yields soarrf and equity prices tumbled. The context added pressure to gold that is fighting to hold above $1,810. The 2-year Treasury yield is at 4.79%, the highest since November and the 10-year is at 3.93%.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1811.38 at the time of writing. Pair opened at 1823.48 and is trading with a change of -0.66 % .

The pair is trading below its 20 Daily moving average @ 1869.94, below its 50 Daily moving average @ 1864.98 , above its 100 Daily moving average @ 1791.19 and above its 200 Daily moving average @ 1776.19

The previous day high was 1833.88 while the previous day low was 1817.44. The daily 38.2% Fib levels comes at 1823.72, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1827.6, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1815.99, 1808.49, 1799.55
• Pivot resistance is noted at 1832.43, 1841.37, 1848.87

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