#XAUUSD @ 1,994.41 Gold price has sensed selling pressure while shifting its auction above $2,000 as US banking jitters eased. (Pivot Orderbook analysis)
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- Gold price has sensed selling pressure while shifting its auction above $2,000 as US banking jitters eased.
- A rangebound performance is expected from the US Dollar ahead of the release of the United States Durable Goods Orders.
- Gold price is auctioning in a Symmetrical Triangle pattern that conveys a volatility contraction.
The pair currently trades last at 1994.41.
The previous day high was 2003.87 while the previous day low was 1976.21. The daily 38.2% Fib levels comes at 1993.3, expected to provide support. Similarly, the daily 61.8% fib level is at 1986.78, expected to provide support.
Gold price (XAU/USD) is struggling to shift its auction above the psychological resistance of $2,000.00 in the Asian session. The precious metal showed a stellar rally on Tuesday as investors hid behind bullions to safeguard themselves from renewed banking jitters.
The quarterly earnings report of First Republic Bank showed that customers’ deposits have dropped significantly than estimates and the commercial bank has to rely on outside funds for disbursement of advances, which will come at a higher interest rate and will impact its Net Interest Margins (NIMs).
However, investors have started digesting renewed banking woes and are moving funds into the S&P500 futures. The 500-US stocks basket futures have added immense gains in the Asian session, portraying a solid recovery in the risk appetite of the market participants. Meanwhile, the 10-year US Treasury yields have also rebounded to 3.41%.
The US Dollar Index (DXY) is consolidating above 101.80 after a minor correction and is expected to continue its rangebound performance ahead of the release of the United States Durable Goods Orders (March) data. As per the estimates, monthly economic data will expand by 0.8% vs. a contraction of 1.0%.
Gold technical analysis
Gold price is auctioning in a symmetrical triangle chart pattern on an hourly scale, which indicates a sheer volatility contraction. The upward-sloping trendline of the triangle is placed from April 21 low at $1,971.62 while the downward-sloping trendline is plotted from April 20 high at $2,012.44. The Gold price is still above the 50-period Exponential Moving Average (EMA) at $1,992.32, which indicates that the upside bias is still solid.
A 40.00-60.00 range oscillation by the Relative Strength Index (RSI) (14) indicates that investors are awaiting a potential trigger.
Technical Levels: Supports and Resistances
XAUUSD currently trading at 1997.18 at the time of writing. Pair opened at 1997.31 and is trading with a change of -0.01 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1997.18 |
| 1 | Today Daily Change | -0.13 |
| 2 | Today Daily Change % | -0.01 |
| 3 | Today daily open | 1997.31 |
The pair is trading below its 20 Daily moving average @ 1997.28, above its 50 Daily moving average @ 1925.27 , above its 100 Daily moving average @ 1891.32 and above its 200 Daily moving average @ 1803.22
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1997.28 |
| 1 | Daily SMA50 | 1925.27 |
| 2 | Daily SMA100 | 1891.32 |
| 3 | Daily SMA200 | 1803.22 |
The previous day high was 2003.87 while the previous day low was 1976.21. The daily 38.2% Fib levels comes at 1993.3, expected to provide support. Similarly, the daily 61.8% fib level is at 1986.78, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1981.06, 1964.8, 1953.4
- Pivot resistance is noted at 2008.72, 2020.12, 2036.38
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 2003.87 |
| Previous Daily Low | 1976.21 |
| Previous Weekly High | 2015.13 |
| Previous Weekly Low | 1969.26 |
| Previous Monthly High | 2009.88 |
| Previous Monthly Low | 1809.46 |
| Daily Fibonacci 38.2% | 1993.30 |
| Daily Fibonacci 61.8% | 1986.78 |
| Daily Pivot Point S1 | 1981.06 |
| Daily Pivot Point S2 | 1964.80 |
| Daily Pivot Point S3 | 1953.40 |
| Daily Pivot Point R1 | 2008.72 |
| Daily Pivot Point R2 | 2020.12 |
| Daily Pivot Point R3 | 2036.38 |
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