#XAUUSD @ 2,015.25 Gold price is aiming to extend its recovery above $2,020.00 as US NFP report seems less supportive of hawkish Fed bets. (Pivot Orderbook analysis)
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- Gold price is aiming to extend its recovery above $2,020.00 as US NFP report seems less supportive of hawkish Fed bets.
- A scrutiny of the US labor market report showed that March’s labor additions were downwardly revised.
- Gold price has shown a recovery move after correcting to near the prior accumulation area placed in a range of $1,971-2,009.
The pair currently trades last at 2015.25.
The previous day high was 2053.06 while the previous day low was 1999.54. The daily 38.2% Fib levels comes at 2019.98, expected to provide resistance. Similarly, the daily 61.8% fib level is at 2032.62, expected to provide resistance.
Gold price (XAU/USD) is looking to extend its recovery above the immediate resistance of $2,020.00 in the early Tokyo session. The precious metal was heavily dumped on Friday after the release of the solid US Employment data. However, a scrutiny of the US labor market report showed that March’s labor additions were downwardly revised, which changed the entire context.
The addition of fresh talent in March’s Nonfarm Payrolls (NFP) report was revised down from 263K against the previously reported for March to just 165K. A 37% downward revision in March’s Employment report meant that the net jump in fresh payrolls in April was a mere 2%, making it insufficient for the Federal Reserve (Fed) to reconsider its neutral interest rate guidance.
However, the catalyst that will keep haunting Fed policymakers is the upbeat Average Earnings report. Earnings accelerated in April at a pace of 0.5% while the street was anticipating a pace of 0.3%.
Optimism influenced by the unimpressive US NFP report resulted in a rally in S&P500. Investors believed that the worse is over for now as the Fed has reached its terminal rate. Meanwhile, US President Joe Biden is to meet with Speaker Kevin McCarthy and other congressional leaders on Tuesday to talk about the looming debt ceiling crisis, as reported by ABC News. US Biden has already warned Republicans that a delay in settling the US debt crisis could cost significant labor loss and Gross Domestic Product (GDP).
Gold price has shown a recovery move after correcting to near the prior accumulation area placed in a range of $1,971-2,009 on a two-hour scale. The precious metal found support near the 200-period Exponential Moving Average (EMA) at $2,003.72. Also, the Relative Strength Index (RSI) (14) has defended its cushion around 40.00 in the meantime.
Technical Levels: Supports and Resistances
XAUUSD currently trading at 2015.42 at the time of writing. Pair opened at 2016.79 and is trading with a change of -0.07 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 2015.42 |
| 1 | Today Daily Change | -1.37 |
| 2 | Today Daily Change % | -0.07 |
| 3 | Today daily open | 2016.79 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 2004.8, 50 SMA 1952.77, 100 SMA @ 1908.87 and 200 SMA @ 1814.67.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 2004.80 |
| 1 | Daily SMA50 | 1952.77 |
| 2 | Daily SMA100 | 1908.87 |
| 3 | Daily SMA200 | 1814.67 |
The previous day high was 2053.06 while the previous day low was 1999.54. The daily 38.2% Fib levels comes at 2019.98, expected to provide resistance. Similarly, the daily 61.8% fib level is at 2032.62, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1993.2, 1969.61, 1939.68
- Pivot resistance is noted at 2046.72, 2076.65, 2100.24
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 2053.06 |
| Previous Daily Low | 1999.54 |
| Previous Weekly High | 2079.76 |
| Previous Weekly Low | 1977.12 |
| Previous Monthly High | 2048.75 |
| Previous Monthly Low | 1949.83 |
| Daily Fibonacci 38.2% | 2019.98 |
| Daily Fibonacci 61.8% | 2032.62 |
| Daily Pivot Point S1 | 1993.20 |
| Daily Pivot Point S2 | 1969.61 |
| Daily Pivot Point S3 | 1939.68 |
| Daily Pivot Point R1 | 2046.72 |
| Daily Pivot Point R2 | 2076.65 |
| Daily Pivot Point R3 | 2100.24 |
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