#XAUUSD @ 1,963.91 Gold price is consolidating in a narrow range ahead of US Employment data. (Pivot Orderbook analysis)
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- Gold price is consolidating in a narrow range ahead of US Employment data.
- Fears of one more interest rate hike from the Fed are expected to improve the appeal for the USD Index.
- Gold price is making efforts for breaking above the 23.6% Fibo retracement at $1,967.18.
The pair currently trades last at 1963.91.
The previous day high was 1974.83 while the previous day low was 1953.72. The daily 38.2% Fib levels comes at 1966.77, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1961.78, expected to provide support.
Gold price (XAU/USD) is demonstrating topsy-turvy moves in a $1,962-1,967 range in the Asian session. The precious metal has turned sideways as investors are awaiting the release of the United States Employment data to gain serious guidance about June’s interest rate policy of the Federal Reserve (Fed).
S&P500 futures are showing choppy moves in Asia after facing selling pressure from investors on Wednesday. The volatility associated with US labor market data weighed on risk-sensitive assets as upbeat numbers would leave no option for the Fed but to raise interest rates further.
The US Dollar Index (DXY) is aiming to extend its recovery above 104.30. Fears of one more interest rate hike from Fed chair Jerome Powell are expected to improve the appeal for the USD Index. After the upbeat US JOLTS Job Openings figure, investors are awaiting US Nonfarm Payrolls (NFP) data to get a clear picture of labor market health.
As per the preliminary report, fresh 190K payrolls were added to the labor market in May, lower than the additions of 253K made in April. The Unemployment Rate is increased to 3.5% vs. the former release of 3.4%. Annual Average Hourly Earnings are seen steady at 4.4% while monthly labor cost is seen expanding by 0.3% at a slower pace than the 0.5% registered in April. This might ease labor cost-push inflation ahead.
Gold price has extended its recovery after delivering a breakout of the Falling Wedge chart pattern formed on a two-hour scale. A breakout of the aforementioned pattern indicates a bullish reversal. The precious metal is making efforts for breaking above the 23.6% Fibonacci retracement (plotted from an all-time high at $2,079.76 to May 30 low at $1,932.12) at $1,967.18.
Also, the Relative Strength Index (RSI) (14) is aiming to shift into the bullish range of 60.00-80.00. An occurrence of the same will activate the upside momentum.
Technical Levels: Supports and Resistances
XAUUSD currently trading at 1964.2 at the time of writing. Pair opened at 1962.66 and is trading with a change of 0.08 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1964.20 |
| 1 | Today Daily Change | 1.61 |
| 2 | Today Daily Change % | 0.08 |
| 3 | Today daily open | 1962.66 |
The pair is trading below its 20 Daily moving average @ 1987.97, below its 50 Daily moving average @ 1992.15 , above its 100 Daily moving average @ 1937.59 and above its 200 Daily moving average @ 1833.6
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1987.97 |
| 1 | Daily SMA50 | 1992.15 |
| 2 | Daily SMA100 | 1937.59 |
| 3 | Daily SMA200 | 1833.60 |
The previous day high was 1974.83 while the previous day low was 1953.72. The daily 38.2% Fib levels comes at 1966.77, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1961.78, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1952.64, 1942.63, 1931.53
- Pivot resistance is noted at 1973.75, 1984.85, 1994.86
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1974.83 |
| Previous Daily Low | 1953.72 |
| Previous Weekly High | 1985.30 |
| Previous Weekly Low | 1936.77 |
| Previous Monthly High | 2079.76 |
| Previous Monthly Low | 1932.12 |
| Daily Fibonacci 38.2% | 1966.77 |
| Daily Fibonacci 61.8% | 1961.78 |
| Daily Pivot Point S1 | 1952.64 |
| Daily Pivot Point S2 | 1942.63 |
| Daily Pivot Point S3 | 1931.53 |
| Daily Pivot Point R1 | 1973.75 |
| Daily Pivot Point R2 | 1984.85 |
| Daily Pivot Point R3 | 1994.86 |
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