#XAUUSD @ 1,972.22 accelerated to the upside after ULC and ISM PMI. (Pivot Orderbook analysis)

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• XAU/USD accelerated to the upside after ULC and ISM PMI.
• US Dollar corrects further lower on Thursday.

The pair currently trades last at 1972.22.

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 support. Similarly, the daily 61.8% fib level is at 1961.78, expected to provide support.

Gold prices are risen for the third consecutive day as US Treasury yields continue to decline. XAU/USD pair recently jumped to $1,977, hitting a one-week high following the release of the US ISM Manufacturing PMI.

During the European session, the value of an ounce bottomed at $1,952, the weakest level in two days. It then started to recover and gained momentum, reaching levels above $1,970 following the release of US economic reports.
The ADP Employment report showed an increase in private payrolls by 278K, surpassing expectations of 174K. The US dollar initially rose briefly after the ADP, but then weakened again after the Bureau of Labor Statistics announced a revision of Q1 Unit Labor Costs (ULC) from 6.2% to 4.2%.

The dollar’s decline accelerated after the May ISM Manufacturing PMI showed a decline in the main index from 47.1 to 46.9, below the market consensus of 47. The Price Paid Index also fell considerably from 53.2 to 44.2, against expectations of 52, while the Employment Index unexpectedly rose from 50.2 to 51.4.

As a result, the Greenback tumbled to fresh daily lows across the board, in line with a decline in Treasury yields. US stocks opened mixed on Wall Street.

Gold continues to move with an upside bias in the short-term, with the next resistance area located around $1,980. A consolidation above this level would set the stage for an extension towards $1,995. On the flip side, a firm break below $1,955 would likely remove the upside bias, adding pressure for a test of $1,946.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1972.35 at the time of writing. Pair opened at 1962.66 and is trading with a change of 0.49 % .

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

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 support. 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

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