#XAUUSD @ 2,006.96 Gold rises after a sharp correction on a quiet day. (Pivot Orderbook analysis)

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• Gold rises after a sharp correction on a quiet day.
• XAU/USD found support above the 20-day SMA.
• US Dollar falls across the board ending a two-day rally.

The pair currently trades last at 2006.96.

The previous day high was 2015.13 while the previous day low was 1981.23. The daily 38.2% Fib levels comes at 1994.18, expected to provide support. Similarly, the daily 61.8% fib level is at 2002.18, expected to provide support.

Gold price rose $2,011/oz after the beginning of the American session, reaching a fresh daily high. The yellow metal remains near the high, supported by a weaker US Dollar.

The US Dollar Index is falling by 0.30%, back under 102.00 while US Treasury yields are little changed. Economic data from the US came in mixed. Housing Starts declined to 1.42 million in March, above the 1.4 million markets consensus, but Building Permits fell to 1.41 million against the consensus of 1.5 million.

On a quiet session, recently, XAU/USD spiked down to $1,991 and then rebounded to the $2,010 area where it is trading. It is moving with a bullish intraday bias, still within Monday’s price range.

Federal Reserve expectations are little change. Markets participants continue to see a rate hike in May as the most likely scenario and one rate cut before year-end as possible. The rally in Gold lost momentum during the last days as investors pared bets for deep rate cuts.

In the daily chart, Gold found support above the 20-period Simple Moving Average (SMA). The trend is still up. Above $2,025, more gains seem likely, and while below, a consolidation between that area and the 20-SMA could take place.

A daily close below $1,990 should keep the door open to an extension of the retreat with key support levels seen at $1,975 and $1,955.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 2008.31 at the time of writing. Pair opened at 1995.16 and is trading with a change of 0.66 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1989.4, 50 SMA 1909.64, 100 SMA @ 1877.84 and 200 SMA @ 1794.96.

The previous day high was 2015.13 while the previous day low was 1981.23. The daily 38.2% Fib levels comes at 1994.18, expected to provide support. Similarly, the daily 61.8% fib level is at 2002.18, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1979.22, 1963.27, 1945.32
• Pivot resistance is noted at 2013.12, 2031.07, 2047.02

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