The price of gold, represented by #XAUUSD, is at 1,865.08. It is currently making an effort to bounce back from the recent declines following the release of moderately positive data from the US.

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• Gold price attempt to recover from the recent losses after moderate US data.

The pair currently trades last at 1865.08.

The previous day high was 1879.68 while the previous day low was 1857.74. The daily 38.2% Fib levels comes at 1866.12, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1871.3, expected to provide resistance.

Gold price snaps a four-day losing streak, trading higher around $1,870 per troy ounce during the Asian session on Friday. The prices of the precious metal recovers from the lowest levels since March, primarily supported by a correction in the US Dollar (USD) due to the moderate economic data from the United States (US).

Additionally, the pullback in US Treasury yields might have helped the non-yielding assets like Gold. However, the yield on the 10-year US Treasury bond retraces the recent losses, standing at 4.59% at the time of writing.

US GDP remained consistent at 2.1% as expected. Initial Jobless Claims for the week ending on September 22, printed a lower reading of 204K than the market consensus of 215K, which was 202K prior.

US Pending Home Sales showed a decline of 7.1%, exceeding the market expectation of a 0.8% fall, swinging from the 0.9% rise previously.

The US Dollar Index (DXY) extended losses on the second day after the moderate datasets from the United States (US), trading around 106.00 by the press time.

The US Dollar (USD) saw a strong rally over the past week, buoyed by robust economic indicators, and it climbed to its highest levels since December. Furthermore, the USD’s resilience can be linked to the favorable performance of US Treasury yields.

Chicago Fed President Austan Goolsbee also highlighted the rare opportunity to achieve this without a recession, indicating the US Federal Reserve’s (Fed) commitment to managing inflation while sustaining economic growth.

Federal Reserve Bank of Richmond President, Thomas Barkin acknowledged that recent inflation data has been positive but emphasized that it’s premature to determine the future course of monetary policy.

Traders await the US Core Personal Consumption Expenditure (PCE) Price Index, the Fed’s preferred measure of consumer inflation, which is due on Friday. The annual rate is expected to reduce from 4.2% to 3.9%.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1866.42 at the time of writing. Pair opened at 1864.45 and is trading with a change of 0.11 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1916.76, 50 SMA 1923.56, 100 SMA @ 1936.82 and 200 SMA @ 1927.29.

The previous day high was 1879.68 while the previous day low was 1857.74. The daily 38.2% Fib levels comes at 1866.12, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1871.3, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1854.9, 1845.35, 1832.96
• Pivot resistance is noted at 1876.84, 1889.23, 1898.78

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