#XAUUSD @ 1,791.28 Gold price has witnessed a vertical fall to near $1,790.00 amid a significant recovery in the US Dollar. (Pivot Orderbook analysis)

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• Gold price has witnessed a vertical fall to near $1,790.00 amid a significant recovery in the US Dollar.
• The Fed sees interest rate peak at 5.1% after hiking interest rates by 50 basis points (bps) to 4.25-4.50%.
• As per the consensus, the monthly US Retail Sales (Nov) are expected to contract by 0.1%.

The pair currently trades last at 1791.28.

The previous day high was 1814.19 while the previous day low was 1795.61. The daily 38.2% Fib levels comes at 1802.71, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1807.09, expected to provide resistance.

Gold price (XAU/USD) has witnessed a steep fall and has dropped below the psychological support of $1,800.00 in the Asian session. The precious metal has surrendered Federal Reserve (Fed) policy-inspired wild movement low at $1,795.50 and is expected to remain on tenterhooks.

Meanwhile, investors have underpinned the risk-aversion theme as higher interest rate peak guidance by the Fed has escalated recession fears. Fed chair Jerome Powell sees interest rate peak at 5.1% after hiking interest rates by 50 basis points (bps) to 4.25-4.50%. The US Dollar Index (DXY) has advanced to near 103.90 and is expected to recapture the 104.00 resistance ahead.

S&P500 futures have surrendered their entire gains recorded in early Tokyo as Fed chair Jerome Powell has yet not confirmed an inflation peak. Going forward, investors will focus on the release of the United Stated Retail Sales data, which is scheduled for Thursday. November’s Retail Sales are expected to contract by 0.1% vs. an expansion of 1.3% reported earlier. A decline in Retail Sales might support Gold price ahead.

Gold price is declining toward the lower edge of the Rising Wedge chart pattern formed on a four-hour scale. The above-mentioned chart pattern indicates volatility contraction at the end of the tunnel. The precious metal has dropped to near the 50-period Exponential Moving Average (EMA) at $1.790.00 while the 200-EMA at $1,754.34 is still advancing, which indicates that the long-term trend is still intact.

Meanwhile, the Relative Strength Index (RSI) (14) is failing to shift into the bullish range of 60.00-80.00, which indicates that the upside bias has faded.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1792.0 at the time of writing. Pair opened at 1806.61 and is trading with a change of -0.81 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1770.93, 50 SMA 1716.12, 100 SMA @ 1720.25 and 200 SMA @ 1789.16.

The previous day high was 1814.19 while the previous day low was 1795.61. The daily 38.2% Fib levels comes at 1802.71, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1807.09, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1796.75, 1786.89, 1778.17
• Pivot resistance is noted at 1815.33, 1824.05, 1833.91

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