#XAUUSD @ 1,987.74 Gold price resumed downside on Monday, fall to the $1,980$ area. (Pivot Orderbook analysis)
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- Gold price resumed downside on Monday, fall to the $1,980$ area.
- Us Dollar rises across the board, boosted by higher US yields.
The pair currently trades last at 1987.74.
The previous day high was 2047.49 while the previous day low was 1992.45. The daily 38.2% Fib levels comes at 2013.48, expected to provide resistance. Similarly, the daily 61.8% fib level is at 2026.46, expected to provide resistance.
Gold price resumed the downside on Monday, breaking under $1,990. XAU/USD bottomed at $1,980 reaching the lowest level in a week.
As of writing it is hovering near $1,980 almost $60 from last week’s top. The reversal in gold gained momentum amid a rally of the US Dollar and higher US yields.
Expectations that the Federal Reserve will raise interest rates again in May pushed yields to the upside. The US 10-year yield rose to 3.60%, the highest level since late March. The US Dollar Index is advancing for the second day in a row, and is above 102.20.
Data released on Monday in the US showed a sharp rebound in the Empire Manufacturing Index in April to 10.8 from -24.60, surpassing expectations of -18.0. The numbers contribute to the expectations of one more rate hike from the Fed.
On the daily chart, XAU/USD is trading around the 20-period Simple Moving Average at the $1,990 area. If the yellow metal consolidates clearly below, the outlook would point to an extension of the correction. On the contrary, if gold manages to remain above and retakes $2,005 bulls may return. The next resistance is seen around $2,025.
Technical Levels: Supports and Resistances
XAUUSD currently trading at 1989.67 at the time of writing. Pair opened at 2004.2 and is trading with a change of -0.72 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1989.67 |
| 1 | Today Daily Change | -14.53 |
| 2 | Today Daily Change % | -0.72 |
| 3 | Today daily open | 2004.20 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1989.11, 50 SMA 1907.04, 100 SMA @ 1875.45 and 200 SMA @ 1793.7.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1989.11 |
| 1 | Daily SMA50 | 1907.04 |
| 2 | Daily SMA100 | 1875.45 |
| 3 | Daily SMA200 | 1793.70 |
The previous day high was 2047.49 while the previous day low was 1992.45. The daily 38.2% Fib levels comes at 2013.48, expected to provide resistance. Similarly, the daily 61.8% fib level is at 2026.46, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1981.94, 1959.67, 1926.9
- Pivot resistance is noted at 2036.98, 2069.75, 2092.02
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 2047.49 |
| Previous Daily Low | 1992.45 |
| Previous Weekly High | 2048.75 |
| Previous Weekly Low | 1986.28 |
| Previous Monthly High | 2009.88 |
| Previous Monthly Low | 1809.46 |
| Daily Fibonacci 38.2% | 2013.48 |
| Daily Fibonacci 61.8% | 2026.46 |
| Daily Pivot Point S1 | 1981.94 |
| Daily Pivot Point S2 | 1959.67 |
| Daily Pivot Point S3 | 1926.90 |
| Daily Pivot Point R1 | 2036.98 |
| Daily Pivot Point R2 | 2069.75 |
| Daily Pivot Point R3 | 2092.02 |
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