The current value of gold is at 1,928.04 USD per troy ounce and it is seeking stability above 1,930.00 USD due to a depreciation of the USD Index.

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• Gold price is looking for stabilization above $1,930.00 amid a sell-off in the USD Index.

The pair currently trades last at 1928.04.

The previous day high was 1937.45 while the previous day low was 1910.18. The daily 38.2% Fib levels comes at 1927.03, expected to provide support. Similarly, the daily 61.8% fib level is at 1920.6, expected to provide support.

Gold price (XAU/USD) has climbed marginally above the crucial resistance of $1,930.00 in the London session. The precious metal is looking for stability above $1,930.00 as the US Dollar Index (DXY) is facing pressure. The USD Index has corrected to near 102.63 as the investing community is mixed about further monetary policy by the Fed.

S&P500 futures have recovered the majority of losses, portraying a recovery in the risk appetite of the market participants. US 500 basket is expected to open on a cautious note as investors are worried about the quarterly result season, which will kick-start sooner.

The yellow metal is also showing some resilience due to severe correction in the US Treasury yields. The 10-year US Treasury yields have dropped sharply to near 3.68%. Analysts at Rabobank expect the Fed to hike in July, a more moderate pace would imply skipping September and that would leave us with November as the meeting for the second hike.

The street will keep the focus on the labor market and inflation data for June as further resilience would propel the need for more restrictive monetary policy. Going forward, US Durables Goods Orders data will remain in the spotlight.

Gold price is approaching the upper portion of the Falling Channel chart pattern on a two-hour scale in which each pullback is considered as a selling opportunity by the market participants. Horizontal resistance is plotted from May 05 low around $2,000.00.

The Relative Strength Index (RSI) (14) is widely oscillating in the bearish range of 20.00-60.00 in which an oscillation near 60.00 would trigger gold sellers.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1930.03 at the time of writing. Pair opened at 1920.8 and is trading with a change of 0.48 % .

The pair is trading below its 20 Daily moving average @ 1949.86, below its 50 Daily moving average @ 1977.31 , below its 100 Daily moving average @ 1942.17 and above its 200 Daily moving average @ 1853.37

The previous day high was 1937.45 while the previous day low was 1910.18. The daily 38.2% Fib levels comes at 1927.03, expected to provide support. Similarly, the daily 61.8% fib level is at 1920.6, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1908.17, 1895.54, 1880.9
• Pivot resistance is noted at 1935.44, 1950.08, 1962.71

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