Gold price has faced hurdles while attempting to cross the immediate hurdle of $1,632.45. (Pivot Orderbook analysis)

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• Gold price has faced hurdles while attempting to cross the immediate hurdle of $1,632.45.
• S&P500 continued facing sell-off as the risk aversion theme remained intact.
• The release of the US NFP data will provide some clarity for further Fed’s monetary policy action.

The pair currently trades last at 1629.58.

The previous day high was 1669.43 while the previous day low was 1634.81. The daily 38.2% Fib levels comes at 1648.03, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1656.21, expected to provide resistance.

Gold price (XAUUSD) is facing barricades around the critical hurdle of $1,632.45 in the early Tokyo session. The precious metal has remained sideways around $1,630.00 after a rebound move post registering a fresh two-week low at $1,616.67 on Thursday. The gold prices are expected to continue auctioning into a rangebound structure as investors have shifted to focus on the US Nonfarm Payrolls (NFP) data.

Meanwhile, the risk profile has extended its sour performance as S&P500 witnessed a sell-off consecutively on Thursday. Also, the 10-year US Treasury yields accelerated to 4.15% after hawkish guidance from the Federal Reserve (Fed) enchanted risk aversion on market mood.

On Friday, the release of the US employment data will provide cues about Fed’s intentions toward December’s monetary policy. A higher-than-expected improvement in job additions data would delight Fed chair Jerome Powell to continue the current pace of hiking interest rates.

As per the projections, the US NFP is seen at 200k, lower than the prior release of 263k. While the jobless rate could increase to 3.6%.

On an hourly scale, gold prices have resurfaced firmly after printing a fresh two-week low at $1616.67. The precious metal is auctioning above the 10-period Exponential Moving Average (EMA) at $1,626.50 and testing the upside break of the 20-EMA around $1,630.00.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted into the 40.00-60.00 range, which indicates that the gold bulls are not facing now downside momentum for now.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1629.58 at the time of writing. Pair opened at 1635.29 and is trading with a change of -0.35 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1656.85, 50 SMA 1678.85, 100 SMA @ 1724.31 and 200 SMA @ 1806.94.

The previous day high was 1669.43 while the previous day low was 1634.81. The daily 38.2% Fib levels comes at 1648.03, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1656.21, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1623.59, 1611.89, 1588.97
• Pivot resistance is noted at 1658.21, 1681.13, 1692.83

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