#XAUUSD @ 1,763.06 Gold price recovers after a two-day downtrend, stays pressured on the weekly basis., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• Gold price recovers after a two-day downtrend, stays pressured on the weekly basis.
• Market’s consolidation and lack of major data/events allowed XAUUSD to pare weekly loss.
• Softer US data, hopes of more relief from US President Biden teased gold buyers amid a light calendar, inactive markets.

The pair currently trades last at 1763.06.

The previous day high was 1774.86 while the previous day low was 1754.57. The daily 38.2% Fib levels comes at 1762.32, expected to provide support. Similarly, the daily 61.8% fib level is at 1767.11, expected to provide resistance.

Gold price (XAUUSD) probes the two-day downtrend as it prints mild gains around $1,762 during Friday’s Asian session. Even so, the precious metal remains on the way to posting the first weekly loss in three.

The bullion’s latest gains could be linked to the technical rebound amid a light calendar and sluggish macros. Also likely to have favored the Gold price could be the latest headlines suggesting a relief for the US students, as well as the previous day’s mixed data.

That said, CNBC came out with the news suggesting that the Biden Administration will ask Supreme Court to allow the student loan debt relief program to resume. On the other hand, downbeat prints of the Philadelphia Fed Manufacturing Index and housing numbers for October might have raised doubts about the recently hawkish Fedspeak.

On the same line could be the latest Reuters poll for the US Federal Reserve (Fed) as it states that the Federal Reserve will downshift in December to deliver 50 basis points (bps) interest rate hike, but a longer period of US central bank tightening and a higher policy rate peak are the greatest risks to the current outlook.

Additionally, recently upbeat US stock futures and firmer prints of the equities in the Asia-Pacific region seemed to have also favored the XAUUSD bulls.

Given the light calendar and the metal’s latest corrective bounce, the bears will be in need to closely observe the risk catalysts to keep the reins.

Gold price justifies an upside break of a two-day-old descending trend line to print mild gains around $1,762. However, an impending bear cross on the hourly chart, portrayed by the 50-HMA’s piercing off the 100-HMA from above, keeps the XAUUSD sellers hopeful.

That said, the recently crossed resistance-turned-support line, near $1,760, precedes the 38.2% Fibonacci retracement level of November 09-15 upside, around $1,754 to restrict the metal’s immediate downside.

Meanwhile, recovery remains elusive unless the quote stays below the convergence of the stated Hourly Moving Averages (HMAs) near $1,770.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1764.26 at the time of writing. Pair opened at 1761.06 and is trading with a change of 0.18% % .

The pair is trading above its 20 Daily moving average @ 1693.05, above its 50 Daily moving average @ 1680.69 , above its 100 Daily moving average @ 1713.21 and below its 200 Daily moving average @ 1802.47

The previous day high was 1774.86 while the previous day low was 1754.57. The daily 38.2% Fib levels comes at 1762.32, expected to provide support. Similarly, the daily 61.8% fib level is at 1767.11, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1752.13, 1743.21, 1731.84
• Pivot resistance is noted at 1772.42, 1783.79, 1792.71

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