#XAUUSD @ 1,976.40 Gold price surged on Friday, extending weekly gains to over $100. (Pivot Orderbook analysis)

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• Gold price surged on Friday, extending weekly gains to over $100.
• New context of lower yields and banking jitters boost gold’s demand.
• XAU/USD eye best week in years.

The pair currently trades last at 1976.40.

The previous day high was 1933.51 while the previous day low was 1907.56. The daily 38.2% Fib levels comes at 1923.6, expected to provide support. Similarly, the daily 61.8% fib level is at 1917.47, expected to provide support.

Gold price moved further to the upside during the American sessions, breaking above $1,980. Late on Friday, XAU/USD stands at $1,982 the highest level since April 2022 and on its way to the third-highest weekly close on record.

From the level it had a week ago, the yellow metal is up by 6.3%. A sharp reversal in Treasury yields is driving the rally in Gold price. Bonds are having the week in years. Financial turmoil weighed on monetary policy expectations and the economic outlook.

Next week the Federal Reserve will announce its decision. A 25 basis point rate hike is expected. A few days ago analysts were asking 25 or 50 after US inflation and employment data. The new scenario includes the odds of a pause at the upcoming meeting. Things have changed dramatically, triggering an impressive rally in XAU/USD.

Seen Gold price above $2,000 next week looks likely. Even when price moves consistently to the upside, it makes sharp corrections. In the current context, traders should take extra caution.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1983.23 at the time of writing. Pair opened at 1919.51 and is trading with a change of 3.32 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1849.04, 50 SMA 1877.18, 100 SMA @ 1820.71 and 200 SMA @ 1776.37.

The previous day high was 1933.51 while the previous day low was 1907.56. The daily 38.2% Fib levels comes at 1923.6, expected to provide support. Similarly, the daily 61.8% fib level is at 1917.47, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1906.88, 1894.24, 1880.93
• Pivot resistance is noted at 1932.83, 1946.14, 1958.78

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