#XAUUSD @ 2,003.52 A volatile session for Gold price that continues to move sideways. (Pivot Orderbook analysis)
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- A volatile session for Gold price that continues to move sideways.
- US Dollar weakens during the American session despite upbeat US data.
- US Treasury yields print fresh weekly lows ahead of next week’s FOMC meeting.
The pair currently trades last at 2003.52.
The previous day high was 2003.87 while the previous day low was 1976.21. The daily 38.2% Fib levels comes at 1993.3, expected to provide support. Similarly, the daily 61.8% fib level is at 1986.78, expected to provide support.
Gold price jumped at the beginning of the American session, rising from $1,995 to $2,009, reaching the highest level in six days and then pulled back to the $2,000 area. A weaker US Dollar and lower Treasury yields boosted XAU/USD.
Data from the US came in above expectation with Durable Goods Orders rising 3.2% in March, above the 0.8% of market consensus. Despite the upbeat numbers, the US Dollar weakened particularly against EUR, GBP and JPY.
The US 2-year Treasury yield is at 3.88%, the lowest level in three weeks while the 10-year stands at 3.90%. The US Dollar Index trades at 101.99 (weekly low), down 0.73% for the day.
The rally in XAU/USD is seen as vulnerable amid the lack of clear drivers. The chart is bullish but the price is unable to confirm a firm break of the current range. Volatility is set to remain elevated considering the incoming US data and next week’s FOMC meeting. On Thursday, the US will report the first estimate of Q1 GDP, including consumer inflation figures.
A consolidation above $2,005 would suggest more gains ahead, with the next strong resistance around $2,030. On the flip side, if the current retreat extends, support awaits at $1,990. The crucial level is $1,970.
Technical Levels: Supports and Resistances
XAUUSD currently trading at 2003.16 at the time of writing. Pair opened at 1997.31 and is trading with a change of 0.29 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 2003.16 |
| 1 | Today Daily Change | 5.85 |
| 2 | Today Daily Change % | 0.29 |
| 3 | Today daily open | 1997.31 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1997.28, 50 SMA 1925.27, 100 SMA @ 1891.32 and 200 SMA @ 1803.22.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1997.28 |
| 1 | Daily SMA50 | 1925.27 |
| 2 | Daily SMA100 | 1891.32 |
| 3 | Daily SMA200 | 1803.22 |
The previous day high was 2003.87 while the previous day low was 1976.21. The daily 38.2% Fib levels comes at 1993.3, expected to provide support. Similarly, the daily 61.8% fib level is at 1986.78, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1981.06, 1964.8, 1953.4
- Pivot resistance is noted at 2008.72, 2020.12, 2036.38
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 2003.87 |
| Previous Daily Low | 1976.21 |
| Previous Weekly High | 2015.13 |
| Previous Weekly Low | 1969.26 |
| Previous Monthly High | 2009.88 |
| Previous Monthly Low | 1809.46 |
| Daily Fibonacci 38.2% | 1993.30 |
| Daily Fibonacci 61.8% | 1986.78 |
| Daily Pivot Point S1 | 1981.06 |
| Daily Pivot Point S2 | 1964.80 |
| Daily Pivot Point S3 | 1953.40 |
| Daily Pivot Point R1 | 2008.72 |
| Daily Pivot Point R2 | 2020.12 |
| Daily Pivot Point R3 | 2036.38 |
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