#XAUUSD @ 1,928.24 Gold price has sensed selling interest around $1,930.00 as a risk-off profile has emerged. (Pivot Orderbook analysis)

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• Gold price has sensed selling interest around $1,930.00 as a risk-off profile has emerged.
• Rising yields on US Treasuries have provided a cushion to the US Dollar Index.
• US firms are hoping for a bleak economic outlook amid rising interest rates by the Fed.

The pair currently trades last at 1928.24.

The previous day high was 1935.1 while the previous day low was 1916.73. The daily 38.2% Fib levels comes at 1923.75, expected to provide support. Similarly, the daily 61.8% fib level is at 1928.08, expected to provide support.

Gold price (XAU/USD) has sensed barricades while attempting to cross the critical resistance of $1,930.00 in the Asian session. The precious metal has witnessed selling interest as investors are turning risk averse in the interest rate policy week. The Federal Reserve (Fed) is set to announce its first interest rate decision of CY2023 on Wednesday.

S&P500 futures are showing some losses in the Asian session, portraying an expression of escalating caution in the market sentiment. The US Dollar Index (DXY) has recovered sharply after a correction to near 101.50. A recovery in the USD index is supported by rising returns on US Treasury bonds. The 10-year US Treasury yields have climbed to near 3.53%.

In addition to the Fed’s monetary policy, investors will keep an eye on the United States Automatic Data Processing (ADP) Employment data, which is expected to drop vigorously to 86K vs. the former release of 235K. Rising interest rates by Fed chair Jerome Powell to tame the Consumer Price Index (CPI) has trimmed the overall demand, which has squeezed labor demand by firms amid a bleak economic outlook.

Gold price is juggling in a small range bounded consolidation on an hourly scale that indicates volatility contraction. The 50-period Exponential Moving Average (EMA) at $1,930.00 has been acting as a major barricade for the Gold bulls. The demand zone placed in a $1,917-1,920 range will be a key support for the asset ahead.

The Relative Strength Index (RSI) (14) is oscillating in a 40.00-60.00 range, which indicates that investors are awaiting a fresh trigger for a power-pack action.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1926.88 at the time of writing. Pair opened at 1926.68 and is trading with a change of 0.01 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1896.14, 50 SMA 1829.25, 100 SMA @ 1755.29 and 200 SMA @ 1775.48.

The previous day high was 1935.1 while the previous day low was 1916.73. The daily 38.2% Fib levels comes at 1923.75, expected to provide support. Similarly, the daily 61.8% fib level is at 1928.08, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1917.24, 1907.8, 1898.87
• Pivot resistance is noted at 1935.61, 1944.54, 1953.98

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