The gold price, currently at 1,924.32 in relation to the USD, is stabilizing above the $1,920.00 mark in anticipation of forthcoming US inflation data.

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• Gold price is consolidating above $1,920.00 ahead of US inflation data.

The pair currently trades last at 1924.32.

The previous day high was 1934.89 while the previous day low was 1909.69. The daily 38.2% Fib levels comes at 1925.26, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1919.32, expected to provide support.

Gold price (XAU/USD) is demonstrating a non-directional performance after correcting from a weekly high of $1,935.00 in the London session. The precious metal has turned topsy-turvy as investors are shifting their focus towards the United States Consumer Price Index (CPI) after the impact of the Nonfarm Payrolls (NFP) report.

Analysts at Well Fargo expect a surprisingly resilient labor market has helped to keep the United States economy expanding at a moderate pace despite continued fears about a recession. However, even amid more forthcoming labor supply and gradually cooling labor demand, the weight of the evidence still suggests that the labor market remains too tight to be consistent with 2% inflation.

Meanwhile, S&P500 futures have recovered decent losses generated in early Europe, portraying a recovery in the risk appetite of the market participants. The overall risk profile is still negative as the Federal Reserve (Fed) is going to resume its policy-tightening spell and will push interest rates to 5.25-5.50%. Investors should note that Fed chair Jerome Powell skipped the rate-hiking spree in its June monetary policy meeting.

The US Dollar Index (DXY) has rebounded after dropping to near 102.30. A sideways auction is expected in the USD Index ahead of US inflation data. As per the consensus, monthly headline CPI elevated at a higher pace of 0.3% vs. the prior pace of 0.1%. Annualized headline inflation is expected to soften to 3.1% against the former release of 4.0%. Declining gasoline prices have decelerated headline inflation, however, the major focus will be on the core inflation data.

Gold price is auctioning in an Ascending Triangle chart pattern on a two-hour scale. Upward-sloping trendline of the aforementioned chart pattern is plotted from June 29 low at $1,893.00 while the horizontal resistance is placed from June 21 high around $1,937.00.

The 200-period Exponential Moving Average (EMA) at $1,927.00 is acting as a barricade for the Gold bulls.

A 40.00-60.00 range oscillation by the Relative Strength Index (RSI) (14) indicates a non-directional performance.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1923.82 at the time of writing. Pair opened at 1925.0 and is trading with a change of -0.06 % .

The pair is trading below its 20 Daily moving average @ 1929.21, below its 50 Daily moving average @ 1961.99 , below its 100 Daily moving average @ 1947.99 and above its 200 Daily moving average @ 1866.34

The previous day high was 1934.89 while the previous day low was 1909.69. The daily 38.2% Fib levels comes at 1925.26, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1919.32, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1911.5, 1897.99, 1886.3
• Pivot resistance is noted at 1936.7, 1948.39, 1961.9

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