#XAUUSD @ 2,016.40 Gold price is awaiting the US Retail Sales data release and the outcome of US debt ceiling talks for further guidance. (Pivot Orderbook analysis)
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- Gold price is awaiting the US Retail Sales data release and the outcome of US debt ceiling talks for further guidance.
- The USD Index corrected gradually to near 102.43 amid accelerating odds of a pause in the rate-hike spell by the Fed.
- The downward-sloping trendline plotted from all-time highs at $2,079.78 is acting as a barricade for the Gold bulls.
The pair currently trades last at 2016.40.
The previous day high was 2022.59 while the previous day low was 2000.95. The daily 38.2% Fib levels comes at 2009.22, expected to provide support. Similarly, the daily 61.8% fib level is at 2014.32, expected to provide support.
Gold price (XAU/USD) remained choppy on Monday as investors shifted to the sidelines for the release of the United States Retail Sales data. The precious metal traded in a narrow range of $2,012-2,022 as investors believe that the outcome of US debt ceiling talks and the release of the US Retail Sales data will be an important trigger for further guidance.
S&P500 ended with decent gains on Tuesday as investors perceive that the Federal Reserve (Fed) will pause its aggressive interest rate hike policy. The street is anticipating that further monetary policy restrictions would make severe damage to the economy.
The US Dollar Index (DXY) corrected gradually to near 102.43 amid accelerating odds of a pause in the rate-hike spell by Fed chair Jerome Powell. US inflation has significantly slowed down and labor market conditions have also softened, which is providing luxury to the Fed for keeping the monetary policy stable. Contrary, the 10-year US Treasury yields jumped above 3.50%.
Going forward, monthly Retail Sales (April) data is seen expanding by 0.7% vs. a contraction of 0.6%. This indicates a rebound in the households’ retail demand, which could propel inflationary pressures again.
Gold price is auctioning in a Rising Channel chart pattern on a four-hour scale. The upper portion of the aforementioned chart pattern is plotted from March 20 high at $2,009.88 while the lower portion is placed from March 22 low at $1,934.34. The downward-sloping trendline plotted from all-time highs at May 03 high at $2,079.78 is acting as a barricade for the Gold bulls.
The 20-period Exponential Moving Average (EMA) at $2,016.50 is overlapping the Gold price, indicating a lackluster move ahead.
The Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00, which indicates that investors await a fresh trigger for further action.
Technical Levels: Supports and Resistances
XAUUSD currently trading at 2016.46 at the time of writing. Pair opened at 2010.84 and is trading with a change of 0.28 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 2016.46 |
| 1 | Today Daily Change | 5.62 |
| 2 | Today Daily Change % | 0.28 |
| 3 | Today daily open | 2010.84 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 2007.66, 50 SMA 1972.43, 100 SMA @ 1919.95 and 200 SMA @ 1820.95.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 2007.66 |
| 1 | Daily SMA50 | 1972.43 |
| 2 | Daily SMA100 | 1919.95 |
| 3 | Daily SMA200 | 1820.95 |
The previous day high was 2022.59 while the previous day low was 2000.95. The daily 38.2% Fib levels comes at 2009.22, expected to provide support. Similarly, the daily 61.8% fib level is at 2014.32, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 2000.33, 1989.82, 1978.69
- Pivot resistance is noted at 2021.97, 2033.1, 2043.61
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 2022.59 |
| Previous Daily Low | 2000.95 |
| Previous Weekly High | 2048.27 |
| Previous Weekly Low | 2000.95 |
| Previous Monthly High | 2048.75 |
| Previous Monthly Low | 1949.83 |
| Daily Fibonacci 38.2% | 2009.22 |
| Daily Fibonacci 61.8% | 2014.32 |
| Daily Pivot Point S1 | 2000.33 |
| Daily Pivot Point S2 | 1989.82 |
| Daily Pivot Point S3 | 1978.69 |
| Daily Pivot Point R1 | 2021.97 |
| Daily Pivot Point R2 | 2033.10 |
| Daily Pivot Point R3 | 2043.61 |
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