#XAUUSD @ 1,832.72 Market participants await the release of Fed Chair Powell’s opening statement. (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)]

• Market participants await the release of Fed Chair Powell’s opening statement.
• US Dollar strengthens while Treasury yields remain steady.
• XAU/USD corrects further to the downside after being rejected from above $1,850.

The pair currently trades last at 1832.72.

The previous day high was 1858.35 while the previous day low was 1845.18. The daily 38.2% Fib levels comes at 1850.21, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1853.32, expected to provide resistance.

Gold prices dropped further ahead of Federal Reserve Chair Jerome Powell’s testimony on Capitol Hill as the US Dollar strengthened. XAU/USD bottomed at $1,831/oz, the lowest level since Thursday. Price remains near the lows, moving with a bearish bias.

Federal Reserve Chairman Jerome Powell will testify before the Senate Banking Committee at 15:00 GMT, but his initial remarks are expected to be released earlier. Ahead of that, the US Dollar is rising across the board while US yields stay steady.

Jerome Powell Speech Preview: Fed Chair testifies in US Congress

The US 10-year yield stands at 3.94% and the 2-year at 4.87%. Wall Street futures point to a positive opening with modest gains. Despite steady yields and marginally higher stocks, Gold is under pressure. Silver is also falling, at a more pronounced pace. XAG/USD bottomed at $20.65, the lowest level in a week, and it traded at $20.68, down 1.66% for the day.

On Monday, XAU/USD peaked at $1,858 the highest level since February 15 but it failed to hold above $1,850 and also dropped back under the 20-day Simple Moving Average. The immediate support stands at $1,830 followed by the $1,820 zone. On the upside, Gold would recover strength above $1,845. The next key resistance is located around $1,860.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1835.54 at the time of writing. Pair opened at 1846.69 and is trading with a change of -0.6 % .

The pair is trading below its 20 Daily moving average @ 1842.61, below its 50 Daily moving average @ 1869.61 , above its 100 Daily moving average @ 1802.84 and above its 200 Daily moving average @ 1775.44

The previous day high was 1858.35 while the previous day low was 1845.18. The daily 38.2% Fib levels comes at 1850.21, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1853.32, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1841.8, 1836.9, 1828.63
• Pivot resistance is noted at 1854.97, 1863.24, 1868.14

[/s2If]
Join Our Telegram Group