#XAUUSD @ 1,794.13 Gold price continues to fluctuate in a narrow range below $1,800. (Pivot Orderbook analysis)
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- Gold price continues to fluctuate in a narrow range below $1,800.
- 10-year US Treasury bond yield edges lower but holds above 3.5%.
- Markets are likely to remain choppy ahead of this week’s key events.
The pair currently trades last at 1794.13.
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 resistance.
Gold price is moving up and down in a tight range below $1,800 on Monday after having declined modestly during the Asian trading hours. The market action is expected to remain choppy at least until the November inflation report from the US on Tuesday.
XAU/USD closed the previous week virtually unchanged as investors refrain from making large bets ahead of this week’s key macroeconomic data releases and central bank decisions. Following the Consumer Price Index (CPI) data, the US Federal Reserve will announce its interest rate decision and publish the updated Summary of Economic Projections (SEP), the so-called ‘dot plot.’
Meanwhile, the benchmark 10-year US Treasury bond yield is edging lower during the European trading hours but managing to hold above the key 3.5% mark for the time being.
Later in the session, the 10-year US Treasury note auction will be watched closely by market participants. In the previous auction, the high yield was 4.14%. In case the high yield stays above 4% following the auction, the 10-year US T-bond yield could gain traction.
It’s also worth noting that US stock index futures are up between 0.2% and 0.4%. If risk flows dominate the market action in the second half of the day, the US Dollar could have a difficult time finding demand.
Technical Levels: Supports and Resistances
XAUUSD currently trading at 1792.27 at the time of writing. Pair opened at 1795.08 and is trading with a change of -0.16 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1792.27 |
| 1 | Today Daily Change | -2.81 |
| 2 | Today Daily Change % | -0.16 |
| 3 | Today daily open | 1795.08 |
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.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1767.30 |
| 1 | Daily SMA50 | 1711.01 |
| 2 | Daily SMA100 | 1717.99 |
| 3 | Daily SMA200 | 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 resistance.
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
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1806.14 |
| Previous Daily Low | 1788.34 |
| Previous Weekly High | 1810.12 |
| Previous Weekly Low | 1765.89 |
| Previous Monthly High | 1786.55 |
| Previous Monthly Low | 1616.69 |
| Daily Fibonacci 38.2% | 1799.34 |
| Daily Fibonacci 61.8% | 1795.14 |
| Daily Pivot Point S1 | 1786.90 |
| Daily Pivot Point S2 | 1778.72 |
| Daily Pivot Point S3 | 1769.10 |
| Daily Pivot Point R1 | 1804.70 |
| Daily Pivot Point R2 | 1814.32 |
| Daily Pivot Point R3 | 1822.50 |
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