#XAUUSD @ 1,806.34 Gold price is still sideways above $1,800.00 despite a gradual recovery in the risk-appetite theme. (Pivot Orderbook analysis)

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• Gold price is still sideways above $1,800.00 despite a gradual recovery in the risk-appetite theme.
• The US Dollar Index has dropped sharply below 104.30
• after recording a fresh four-day high of 104.56.
• Federal Reserve’s higher interest rates have resulted in a decline in Pending Home Sales.

The pair currently trades last at 1806.34.

The previous day high was 1814.65 while the previous day low was 1797.11. The daily 38.2% Fib levels comes at 1803.81, expected to provide support. Similarly, the daily 61.8% fib level is at 1807.95, expected to provide resistance.

Gold price (XAU/USD) is displaying back-and-forth moves marginally above the psychological resistance of $1,800.00 in the Asian session. The precious metal is displaying a lackluster performance despite a correction in the US Dollar Index (DXY) in the early trade. The US Dollar Index has slipped firmly below 104.30 after recording a fresh four-day high of 104.56 on Wednesday.

Meanwhile, S&P500 futures are delivering hopes of revival after a two-day sell-off. Also, risk-perceived currencies are regaining traction as investors are shrugging-off uncertainty about a spike in Covid-19 cases in China. The 10-year US Treasury yields have trimmed to near 3.86%, following the footprints of the US Dollar Index.

Amidst the festive week, the economic calendar has nothing firm to offer, however, the release of the United States Pending Home Sales data on Wednesday has displayed the consequences of higher interest rates by the Federal Reserve (Fed). The economic data dropped by 4% to its lowest in 20 years on a monthly basis for November as transactions dropped after the Fed pushed the interest rate to 4.5%.

Gold price is auctioning in a neutral channel on a two-hour scale that indicates a volatility contraction due to the absence of critical economic events. The precious metal has picked strength after dropping to near the 100-period Exponential Moving Average (EMA) at $1,802.20. Also, the 200-EMA at $1,793.35 is aiming higher, which indicates that the upside bias is still solid.

Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in a 40.00-60.00 range, which signals that the Gold price is awaiting a fresh trigger for a decisive move.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1806.25 at the time of writing. Pair opened at 1804.38 and is trading with a change of 0.1 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1795.02, 50 SMA 1742.79, 100 SMA @ 1722.55 and 200 SMA @ 1781.68.

The previous day high was 1814.65 while the previous day low was 1797.11. The daily 38.2% Fib levels comes at 1803.81, expected to provide support. Similarly, the daily 61.8% fib level is at 1807.95, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1796.11, 1787.84, 1778.57
• Pivot resistance is noted at 1813.65, 1822.92, 1831.19

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