#XAUUSD @ 1,985.28 US economy expanded less than expected during Q1. (Pivot Orderbook analysis)
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- US economy expanded less than expected during Q1.
- US Dollar and Treasury yields rise after data.
- XAU/USD drops from $2,000 to test $1,980; key support stands at $1,970.
The pair currently trades last at 1985.28.
The previous day high was 2009.41 while the previous day low was 1983.4. The daily 38.2% Fib levels comes at 1993.34, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1999.47, expected to provide resistance.
Gold price dropped sharply following the release of US Q1 GDP growth data. XAU/USD hit levels above $2,000 and then lost almost $20, falling to the $1,980 area.
Economic data from the US showed the economy grew at an annualized rate of 1.1% during the first quarter, below the 2% of market consensus and under the 2.6% of the previous quarter. The Core PCE rose 4.9%, above the expected 4.7%. The GDP deflator also exceeded expectations at 4% versus 3.7%. A different report showed a decline in Jobless Claims.
The numbers showed slower growth and persistent inflation. US yields rose after the economic figures. The 2-year Treasury yield climbed above 4% to 4.03% while the 10-year spiked to 3.49% and then pulled back. The US Dollar Index turned positive for the day, rising above 101.60. Wall Street futures remained in positive territory.
XAU/USD reached a two-day low at $1,981 and rebounded modestly. It remains with a bearish bias. The critical support is located around $1,970 and a break lower could trigger an acceleration.
A rebound in XAU/USD could face resistance at $1,990 and $1,995. Gold bulls need price to consolidate above $2,005 in order to point to a sustainable extension.
Technical Levels: Supports and Resistances
XAUUSD currently trading at 1984.01 at the time of writing. Pair opened at 1989.0 and is trading with a change of -0.25 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1984.01 |
| 1 | Today Daily Change | -4.99 |
| 2 | Today Daily Change % | -0.25 |
| 3 | Today daily open | 1989.00 |
The pair is trading below its 20 Daily moving average @ 1998.04, above its 50 Daily moving average @ 1927.93 , above its 100 Daily moving average @ 1893.5 and above its 200 Daily moving average @ 1804.6
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1998.04 |
| 1 | Daily SMA50 | 1927.93 |
| 2 | Daily SMA100 | 1893.50 |
| 3 | Daily SMA200 | 1804.60 |
The previous day high was 2009.41 while the previous day low was 1983.4. The daily 38.2% Fib levels comes at 1993.34, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1999.47, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1978.46, 1967.93, 1952.45
- Pivot resistance is noted at 2004.47, 2019.95, 2030.48
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 2009.41 |
| Previous Daily Low | 1983.40 |
| Previous Weekly High | 2015.13 |
| Previous Weekly Low | 1969.26 |
| Previous Monthly High | 2009.88 |
| Previous Monthly Low | 1809.46 |
| Daily Fibonacci 38.2% | 1993.34 |
| Daily Fibonacci 61.8% | 1999.47 |
| Daily Pivot Point S1 | 1978.46 |
| Daily Pivot Point S2 | 1967.93 |
| Daily Pivot Point S3 | 1952.45 |
| Daily Pivot Point R1 | 2004.47 |
| Daily Pivot Point R2 | 2019.95 |
| Daily Pivot Point R3 | 2030.48 |
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