Gold is currently trading at $1,895.44 and remains close to the $1,900 mark as it awaits updates on the Federal Reserve’s policy.

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• Gold price hovers near $1,900, awaiting fresh cues about Fed policy.

The pair currently trades last at 1895.44.

The previous day high was 1907.27 while the previous day low was 1891.68. The daily 38.2% Fib levels comes at 1897.64, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1901.31, expected to provide resistance.

Gold price recovered its losses registered on Wednesday, currently trying to hold the ground near the $1,900 per troy ounce during the early trading hours in the European session on Thursday. The recent release of strong macroeconomic data from the United States (US) on Wednesday exerted downward pressure on the price of gold. Investors seek additional momentum from upcoming US economic indicators in order to gain a clearer perspective on the potential further tightening of monetary policy by the US Federal Reserve (Fed).

Wednesday’s US economic calendar included the release of the US Housing Starts (MoM) data for July, which increased to 1.452M from the previous month’s 1.398M. This exceeded the expected figure of 1.448M. Additionally, the Monthly Industrial Production rose of 1%, surpassing the projected growth of 0.3% and swinging from the previous month’s 0.8% decline. However, US Building Permits experienced a minor rise to 1.442 million in July from the prior 1.441 million, falling short of the anticipated 1.463 million.

Concerns about China’s deteriorating economic prospects could put pressure on Gold’s ability to sustain its value. Moreover, robust US economic performance triggered the US Treasury bond yields, bolstering the US Dollar (USD). This upward momentum in the USD could exert downward pressure on the price of Gold.

Investors will closely monitor upcoming US data releases, namely Initial Jobless Claims and the Philadelphia Fed Manufacturing Survey. These datasets could provide fresh insights into the overall US economic outlook, helping Gold traders in obtaining a clearer understanding of the market dynamics.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1896.51 at the time of writing. Pair opened at 1891.76 and is trading with a change of 0.25 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1937.62, 50 SMA 1938.09, 100 SMA @ 1964.32 and 200 SMA @ 1905.12.

The previous day high was 1907.27 while the previous day low was 1891.68. The daily 38.2% Fib levels comes at 1897.64, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1901.31, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1886.54, 1881.31, 1870.95
• Pivot resistance is noted at 1902.13, 1912.49, 1917.72

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