#XAUUSD @ 1,986.68 Gold rebounds despite a stronger US Dollar. (Pivot Orderbook analysis)
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- Gold rebounds despite a stronger US Dollar.
- Falling US Treasury yields are helping the yellow metal.
- XAU/USD remains under the 20-day SMA, keeps avoiding daily close under $1.980.
The pair currently trades last at 1986.68.
The previous day high was 1990.91 while the previous day low was 1974.13. The daily 38.2% Fib levels comes at 1984.5, expected to provide support. Similarly, the daily 61.8% fib level is at 1980.54, expected to provide support.
Gold price rebounded sharply during the last hour, rising more than $10. XAU/USD bottomed at $1,975 and then jumped to $1,994. As of writing, it trades at $1,987 marginally lower for the day, on a volatile session. Despite the big swings, price remains in a recent familiar range.
Gold price rebound is losing momentum as the US Dollar prints fresh daily highs across the board. The DXY is up by 0.35%, trading at 101.70. At the same time, US Treasury yields are falling again. The US 10-year yields stands at 3.43% and the 2-year at 4.03%, both at two-week lows.
The combination of a stronger US Dollar and lower Treasury yields is favoring large swings in XAU/USD. Incoming economic data from the US, particularly Q1 GDP and consumer inflation on Thursday, could add fuel to volatility.
On a wider perspective, gold is showing some signs of weakness as it remains below the 20-day Simple Moving Average (SMA) which stands near $2,000. At the same time, it has avoided a daily close under $1,980. A close under the mentioned level would point to an extension of the bearish correction.
Technical Levels: Supports and Resistances
XAUUSD currently trading at 1990.67 at the time of writing. Pair opened at 1989.12 and is trading with a change of 0.08 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1990.67 |
| 1 | Today Daily Change | 1.55 |
| 2 | Today Daily Change % | 0.08 |
| 3 | Today daily open | 1989.12 |
The pair is trading below its 20 Daily moving average @ 1995.25, above its 50 Daily moving average @ 1922.41 , above its 100 Daily moving average @ 1889.02 and above its 200 Daily moving average @ 1801.78
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1995.25 |
| 1 | Daily SMA50 | 1922.41 |
| 2 | Daily SMA100 | 1889.02 |
| 3 | Daily SMA200 | 1801.78 |
The previous day high was 1990.91 while the previous day low was 1974.13. The daily 38.2% Fib levels comes at 1984.5, expected to provide support. Similarly, the daily 61.8% fib level is at 1980.54, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1978.53, 1967.94, 1961.75
- Pivot resistance is noted at 1995.31, 2001.5, 2012.09
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1990.91 |
| Previous Daily Low | 1974.13 |
| Previous Weekly High | 2015.13 |
| Previous Weekly Low | 1969.26 |
| Previous Monthly High | 2009.88 |
| Previous Monthly Low | 1809.46 |
| Daily Fibonacci 38.2% | 1984.50 |
| Daily Fibonacci 61.8% | 1980.54 |
| Daily Pivot Point S1 | 1978.53 |
| Daily Pivot Point S2 | 1967.94 |
| Daily Pivot Point S3 | 1961.75 |
| Daily Pivot Point R1 | 1995.31 |
| Daily Pivot Point R2 | 2001.50 |
| Daily Pivot Point R3 | 2012.09 |
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