#XAUUSD @ 1,797.04 Gold price is aiming to recapture a five-month high at around $1,800.00 as the risk-on profile is regaining traction. (Pivot Orderbook analysis)

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• Gold price is aiming to recapture a five-month high at around $1,800.00 as the risk-on profile is regaining traction.
• S&P500 to display wild gyrations ahead of Fed’s monetary policy meeting.
• November’s CPI could display a surprise rise as payroll additions soared.

The pair currently trades last at 1797.04.

The previous day high was 1806.14 while the previous day low was 1788.34. The daily 38.2% Fib levels comes at 1799.34, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1795.14, expected to provide support.

Gold price (XAU/USD) has picked recovery after dropping marginally below $1,796.00 in the early Tokyo session. The precious metal is aiming to extend its recovery above the round-level resistance of $1,800.00 as the risk-appetite theme has regained strength. On a broader note, the risk profile could display some volatile moves as investors have shifted their focus toward the release of the US Consumer Price Index (CPI), which is scheduled for Tuesday.

Meanwhile, the US Dollar Index (DXY) is struggling to conquer the immediate resistance of 105.00 as the broader theme doesn’t support a risk-aversion mood. S&P500 showed a precautionary mood on Friday ahead of the last Federal Reserve (Fed)’s monetary policy meeting of CY2022. The US Treasury yields displayed some choppy moved but settled near 3.60% on Friday, showing cautiousness in the global market.

As per the projections, the headline CPI is expected to remain stable at 7.7%. While the core inflation could display a slight improvement to 6.4% from the former release of 6.3%. The inflationary pressures could display a surprise jump as labor demand remained extremely tight in November and the service sector is booming led by solid demand.

On an hourly scale, Gold price is aiming to test a fresh five-month high around $1,810.00 on an hourly scale. The 20-period Exponential Moving Average (EMA) at $1,796.24 is acting as a major support to the gold price. Also, advancing 200-EMA at $1,780.00 indicates that the long-term trend is intact toward the north.

Meanwhile, the Relative Strength Index (RSI) (14) is looking to shift into the bullish range of 60.00-80.00 for activating an upside momentum.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1795.08 at the time of writing. Pair opened at 1795.08 and is trading with a change of 0.0 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1767.3, 50 SMA 1711.01, 100 SMA @ 1717.99 and 200 SMA @ 1792.25.

The previous day high was 1806.14 while the previous day low was 1788.34. The daily 38.2% Fib levels comes at 1799.34, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1795.14, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1786.9, 1778.72, 1769.1
• Pivot resistance is noted at 1804.7, 1814.32, 1822.5

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