#XAUUSD @ 2,023.04 Gold price is comfortably shifted above 2,020.00 amid rising bets for a steady Fed monetary policy. (Pivot Orderbook analysis)

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• Gold price is comfortably shifted above 2,020.00 amid rising bets for a steady Fed monetary policy.
• A slowdown in the hiring process by US firms has scaled expectations of an unchanged Fed policy towards north.
• Gold price is marching towards the horizontal resistance plotted from 08 March 2022 high at $2,070.54.

The pair currently trades last at 2023.04.

The previous day high was 1990.55 while the previous day low was 1949.83. The daily 38.2% Fib levels comes at 1974.99, expected to provide support. Similarly, the daily 61.8% fib level is at 1965.39, expected to provide support.

Gold price (XAU/USD) has shifted its auction profile comfortably above $2,020.00 in the early Asian session. The precious metal delivered a decisive break above the psychological resistance of $2,000.00 on Tuesday after the release of weak Job Openings data confirmed that the United States labor market is cooling-off and the Federal Reserve (Fed) would prefer to adopt a neutral stance on interest rates.

As per the CME Fedwatch tool, the chances of an unchanged policy have scaled near 59%.

The US Dollar Index (DXY) has refreshed its monthly low at 101.45 and more losses are in pipeline as policy divergence of the Fed with central banks would trim ahead. Meanwhile, S&P500 futures are adding gains in early Tokyo after a negative Tuesday, indicating a recovery in the risk-taking capacity of the market participants.

Investors will keep an eye on oil prices, as the only measure, which could impact the upside rally in the Gold price. Higher oil prices would stimulate global inflation as factory owners would pass on the impact of costly oil to end users. This could trigger some recovery in expectations for the continuation of a policy-tightening spell by the Fed.

Going forward, US Employment and ISM Services PMI data will remain in the spotlight. According to the consensus, the US economy has added fresh 200K jobs in March than the former additions of 242K.

Gold price is marching towards the horizontal resistance plotted from the 08 March 2022 high at $2,070.54 on a daily scale. Intermediate support is placed from March 20 high at $2,009.88.

Upward-sloping 10-and 20-period Exponential Moving Averages (EMAs) at $1,984.00 and $1,956.12 respectively, indicate that the bullish momentum is extremely strong.

The Relative Strength Index (RSI) (14) is oscillating in the bullish range of 60.00-80.00, showing active upside momentum.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 2021.84 at the time of writing. Pair opened at 1984.49 and is trading with a change of 1.88 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1933.15, 50 SMA 1894.13, 100 SMA @ 1854.91 and 200 SMA @ 1784.72.

The previous day high was 1990.55 while the previous day low was 1949.83. The daily 38.2% Fib levels comes at 1974.99, expected to provide support. Similarly, the daily 61.8% fib level is at 1965.39, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1959.36, 1934.24, 1918.64
• Pivot resistance is noted at 2000.08, 2015.68, 2040.8

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