#XAUUSD @ 1,794.61 Gold price has surpassed the immediate hurdle of $1,790.00 as the US Dollar Index has resumed its downside journey. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• Gold price has surpassed the immediate hurdle of $1,790.00 as the US Dollar Index has resumed its downside journey.
• A decline in US PPI figures is going to delight the Federal Reserve.
• Gold price has resumed its upside journey after a positive divergence formation.

The pair currently trades last at 1794.61.

The previous day high was 1794.93 while the previous day low was 1781.44. The daily 38.2% Fib levels comes at 1789.78, expected to provide support. Similarly, the daily 61.8% fib level is at 1786.59, expected to provide support.

Gold price (XAU/USD) has climbed above the critical hurdle of $1,790.00 in the Asian session. The precious metal has witnessed firmer demand as the US Dollar is facing immense heat. Meanwhile, the US Dollar Index (DXY) is hovering around Thursday’s low at 104.70 and is expected to display losses ahead amid a risk appetite theme underpinned by market participants.

S&P500 futures are displaying a subdued performance in Tokyo after snapping a three-day losing streak on Thursday. The 10-year US Treasury yields have witnessed marginal pressure but are still holding at 3.48%.

According to the consensus, the headline PPI in the United States is expected to drop to 7.4% from the prior release of 8.0%. Also, the core PPI is seen lower at 6.0% vs. the former figure of 6.7% on an annual basis. An occurrence of the same is going to cheer the Federal Reserve (Fed) as the economy has managed to incentivize producers to announce a decline in prices of ultimate goods and services due to weaker demand.

New week, the release of the United States inflation data will provide meaningful cues for further guidance. The headline CPI is expected to remain unchanged at 7.7% while the core inflation might inch higher to 6.4%.

On an hourly scale, Gold price has resumed its upside journey after a Positive Divergence formation. The precious metal is continuously making higher lows while the Relative Strength Index (RSI) (14) formed a lower low, which indicates an oversold oscillator in an uptrend that presents a buying opportunity to the market participants.

The 200-period Exponential Moving Average (EMA) at $1,776.76 has acted as major support for the counter.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1795.01 at the time of writing. Pair opened at 1788.6 and is trading with a change of 0.36 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1765.93, 50 SMA 1708.32, 100 SMA @ 1717.31 and 200 SMA @ 1792.96.

The previous day high was 1794.93 while the previous day low was 1781.44. The daily 38.2% Fib levels comes at 1789.78, expected to provide support. Similarly, the daily 61.8% fib level is at 1786.59, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1781.72, 1774.83, 1768.23
• Pivot resistance is noted at 1795.21, 1801.81, 1808.7

[/s2If]
Join Our Telegram Group