#XAUUSD @ 1,924.48 Gold price seesaws in a $10 range after the Federal Reserve hiked rates by 25 bps. (Pivot Orderbook analysis)

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• Gold price seesaws in a $10 range after the Federal Reserve hiked rates by 25 bps.
• Federal Reserve officials stated that more increases would be appropriate.
• US central bank policymakers decided that future rate hikes would be in 25 bps increments.

The pair currently trades last at 1924.48.

The previous day high was 1931.15 while the previous day low was 1900.86. The daily 38.2% Fib levels comes at 1919.58, expected to provide support. Similarly, the daily 61.8% fib level is at 1912.43, expected to provide support.

Gold price rises following the US Federal Reserve (Fed) decision to slow the pace of interest rate increases and lifted the Federal Funds rate (FFR) by 25 bps to the 4.50% – 4.75% area. At the time of writing, the XAU/USD is trading volatile but above its opening price, at around the $1920-$1930 range.

In its monetary policy statement, Fed officials voted unanimously to raise rates by 25 bps, emphasizing that additional rate hikes would be appropriate, pushing against the financial market’s expectations for a Fed pivot.

Policymakers acknowledged that inflation has “eased somewhat but remains elevated.” The Fed added that indicators point to modest growth in spending and production and commented that the labor market remains robust. Officials added, “in determining the extent of future rate hikes, it will take into account cumulative tightening, policy lags and economic and financial developments.”

Fed officials commented that future rate hikes would be in 25 bps increments, dropping the reference to the “pace” of additional rate hikes.

Now that the Fed’s decision is in the rearview mirror, traders prepare for the Federal Reserve Chair Jerome Powell’s press conference at around 19:30 GMT.

As shown in Gold’s 15-minute chart, In its initial reaction, the XAU/USD edged towards the daily pivot, though slightly above it, around $1920, and pushed upwards, clearing the 200, 100, 50, and 20-Exponential Moving Averages (EMAs). It should be said that XAU/USD’s is seesawing around $1920-$1930, and it would remain volatile during the press conference of Jerome Powell.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1927.53 at the time of writing. Pair opened at 1928.47 and is trading with a change of -0.05 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1905.58, 50 SMA 1836.67, 100 SMA @ 1759.53 and 200 SMA @ 1775.72.

The previous day high was 1931.15 while the previous day low was 1900.86. The daily 38.2% Fib levels comes at 1919.58, expected to provide support. Similarly, the daily 61.8% fib level is at 1912.43, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1909.17, 1889.87, 1878.88
• Pivot resistance is noted at 1939.46, 1950.45, 1969.75

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