#XAUUSD @ 4.1523 Gold price is juggling around $1,665.00 as investors await US GDP data. (Pivot Orderbook analysis)

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• Gold price is juggling around $1,665.00 as investors await US GDP data.
• Positive market sentiment has punished US Treasury yields and the DXY.
• A decline in New Home Sales data has also weighed pressure on the DXY.

The pair currently trades last at 4.1523.

The previous day high was 1662.42 while the previous day low was 1638.35. The daily 38.2% Fib levels comes at 1653.23, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1647.54, expected to provide resistance.

Gold price (XAU/USD) has turned sideways around $1,665.00 in the early Tokyo session as investors are awaiting the release of the US Gross Domestic Product (GDP) data. The precious metal witnessed a gradual decline in the late New York session after failing to sustain above $1,670.00.

Market sentiment remained upbeat despite the S&P500 failure to continue its three-day winning streak after tech-giant Microsoft (MSFT) provided weak guidance on sales growth. The US dollar index (DXY) witnessed a steep fall and dropped to near 109.50. Also, the 10-year US Treasury yields witnessed selling pressure and dropped to the psychological support of 4%.

Lower New Home Sales data against its prior release also weighed pressure on the DXY. The households have purchased 0.603M new houses vs. the prior release of 0.677M due to soaring interest obligations led by the extremely hawkish Federal Reserve (Fed)’s monetary policy.

Going forward, the US GDP data will hog the limelight. The annualized GDP is expected to improve significantly to 2.4% vs. a decline of 0.6% reported earlier. This week, the PMIs reported by S&P remained downbeat. Therefore, the placement of the GDP figures around the projections will be worth watching.

On an hourly scale, the gold prices have corrected minutely after testing the supply zone placed in a narrow range of $1,671.17-1,672.70. The 20-period Exponential Moving Average (EMA) at $1,633.16 is acting as major support for the counter.

The Relative Strength Index (RSI) (14) has dropped from the bullish range of 60.00-80.00, however, the upside bias is still solid.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1664.66 at the time of writing. Pair opened at 1653.2 and is trading with a change of 0.69 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1668.54, 50 SMA 1691.14, 100 SMA @ 1735.76 and 200 SMA @ 1812.57.

The previous day high was 1662.42 while the previous day low was 1638.35. The daily 38.2% Fib levels comes at 1653.23, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1647.54, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1640.23, 1627.25, 1616.16
• Pivot resistance is noted at 1664.3, 1675.39, 1688.37

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