#XAUUSD @ 1,814.24 remains in an intraday consolidation near $1,815 after US data. (Pivot Orderbook analysis)

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• XAU/USD remains in an intraday consolidation near $1,815 after US data.
• US ADP employment reports show an increase in private payrolls above expectations.
• US Dollar holds onto recent gains, US yields retreat.

The pair currently trades last at 1814.24.

The previous day high was 1851.73 while the previous day low was 1812.81. The daily 38.2% Fib levels comes at 1827.68, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1836.86, expected to provide resistance.

Gold prices continued to move near $1,815/oz following the release of US employment data that surpassed expectations. XAU/USD dropped toward $1,810 and managed to remain above. The yellow metal is trading $35 below the level it had a day ago, hit by Fed Chair Powell’s testimony.

Automatic Data Processing (ADP) reported on Tuesday that private sector employment rose by 242K in February, above the 200K expected. January’s numbers were revised higher from 106K to 119K. ADP’s Chief Economist commented that they are seeing robust hiring but warned pay growth “is still quite elevated”.

The numbers continue to show a tight labor market keeping the doors open to more action from the Federal Reserve. The ADP report contained no major surprises, having a modest impact on markets. The round of labor market data will continue on Thursday with Jobless Claims and on Friday with Nonfarm payrolls.

Next on Wednesday, is Fed Chair Jerome Powell testimony before the US Congress. On Tuesday, he triggered the decline in XAU/USD by opening the doors to a 50 basis points rate hike at the March FOMC meeting.

Jerome Powell Testimony: Fed Chair to answer US House of Representatives after hawkish remarks

The Dollar rose marginally after the report, while US yields retreat. Despite the recovery in Treasuries, XAU/USD remained steady. Dollar’s strength and risk aversion are keeping the upside limited, while at the same time, leave the metal vulnerable to more losses.

If XAU/USD breaks under $1,808 (daily low) over the next hours, a test of the critical $1,800 support zone seems likely. On the upside, it needs to consolidate firmly above $1,815 in order to gain some support.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1813.83 at the time of writing. Pair opened at 1814.1 and is trading with a change of -0.01 % .

The pair is trading below its 20 Daily moving average @ 1839.8, below its 50 Daily moving average @ 1869.64 , above its 100 Daily moving average @ 1804.46 and above its 200 Daily moving average @ 1775.32

The previous day high was 1851.73 while the previous day low was 1812.81. The daily 38.2% Fib levels comes at 1827.68, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1836.86, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1800.7, 1787.29, 1761.78
• Pivot resistance is noted at 1839.62, 1865.13, 1878.54

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