#XAUUSD @ 1,821.25 US Q4 GDP revised lower, inflation indicators revised higher. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• US Q4 GDP revised lower, inflation indicators revised higher.
• Jobless Claims, Chicago Fed Activity surpassed expectations.
• Gold’s rebound fails to rise above $1,830.

The pair currently trades last at 1821.25.

The previous day high was 1846.11 while the previous day low was 1823.63. The daily 38.2% Fib levels comes at 1832.22, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1837.52, expected to provide resistance.

Gold prices rebounded after hitting fresh monthly lows amid risk appetite and an intraday reversal of the US Dollar. XAU/USD bottomed at $1,817 following the release of US economic data, the lowest level since late December and then bounced back toward the $1,830 area.

Data released in the US came in mixed. Initial Jobless Claims dropped to 192K, the lowest level in three weeks. The second reading of Q4 GDP showed a lower annualized growth rate of 2.7% below the 2.9% of the previous estimate. Inflation indicators of the GDP report were revised higher. The Chicago Fed’s National Activity Index rose from -0.43 to 0.23, surpassing expectations.

Investors continue to digest the FOMC minutes and the new economic numbers. The Dow Jones is climbing 0.43% and the Nasdaq is rising 0.50%. US yields are modestly lower, hovering near monthly highs.

The US Dollar peaked after the release of US data while Gold bottomed at $1,817, the lowest since December 30. The yellow metal then rebounded toward $1,830 but it was unable to rise back above that key short-term level.

Following Wall Street’s opening bell the Dollar gained momentum again and pushed XAU/USD back to the downside. XAU/USD is approaching the $1,820 area, which is critical. A consolidation below would open the doors to more weakness, targeting initially $1,812.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1826.29 at the time of writing. Pair opened at 1824.86 and is trading with a change of 0.08 % .

The pair is trading below its 20 Daily moving average @ 1875.26, below its 50 Daily moving average @ 1864.05 , above its 100 Daily moving average @ 1790.08 and above its 200 Daily moving average @ 1776.28

The previous day high was 1846.11 while the previous day low was 1823.63. The daily 38.2% Fib levels comes at 1832.22, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1837.52, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1816.96, 1809.05, 1794.48
• Pivot resistance is noted at 1839.44, 1854.01, 1861.92

[/s2If]
Join Our Telegram Group