#XAUUSD @ 1,959.06 Gold price is juggling in a narrow range as the investing community is divided about June’s monetary policy. (Pivot Orderbook analysis)
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- Gold price is juggling in a narrow range as the investing community is divided about June’s monetary policy.
- US banks seem reluctant in distributing credit to households and firms in order to maintain their asset quality.
- Gold price is consolidating around the 50% Fibonacci retracement at $1,960.00.
The pair currently trades last at 1959.06.
The previous day high was 1964.07 while the previous day low was 1938.15. The daily 38.2% Fib levels comes at 1954.17, expected to provide support. Similarly, the daily 61.8% fib level is at 1948.05, expected to provide support.
Gold price (XAU/USD) is auctioning inside the woods around $1,960.00 in the early London session. The precious metal is displaying back-and-forth action as the investing community is divided about the interest rate decision by the Federal Reserve (Fed) to be taken in June’s monetary policy meeting.
S&P500 futures have surrendered nominal gains added in Asia, portraying a decline in the risk appetite of the market participants. The US Dollar Index (DXY) has witnessed an intervention in its downside momentum after dropping to near 103.80. More downside in the USD Index seems solid as United States economic activities are broadly contracting due to the Fed’s aggressive tight monetary policy and the addition of more filters into credit disbursement procedure used by US regional banks.
US banks seem reluctant in distributing credit to households and firms in order to maintain their asset quality in the turbulent environment.
Meanwhile, mixed views about Fed’s June policy restricting the Gold price from any major action. Higher additions of fresh payrolls in the US labor market in a steady manner bolsters the need of raising rates further while consistently contracting factory activity and sub-normal service activity states that the Fed should pause its policy-tightening for once and observe the impact of interest rates raised yet.
Gold price is consolidating in a narrow range of $1,957-1,964 on an hourly scale. The precious metal has turned sideways around the 50% Fibonacci retracement (plotted from June 02 high at $1,983.50 to June 05 low at $1,938.15) at $1,960.0.
The 50-period Exponential Moving Average (EMA) at $1,959.38 is providing cushion to the Gold bulls.
Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00 range, which indicates that investors await a fresh trigger for a decisive move.
Technical Levels: Supports and Resistances
XAUUSD currently trading at 1960.55 at the time of writing. Pair opened at 1961.81 and is trading with a change of -0.06 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1960.55 |
| 1 | Today Daily Change | -1.26 |
| 2 | Today Daily Change % | -0.06 |
| 3 | Today daily open | 1961.81 |
The pair is trading below its 20 Daily moving average @ 1977.94, below its 50 Daily moving average @ 1991.08 , above its 100 Daily moving average @ 1939.51 and above its 200 Daily moving average @ 1836.8
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1977.94 |
| 1 | Daily SMA50 | 1991.08 |
| 2 | Daily SMA100 | 1939.51 |
| 3 | Daily SMA200 | 1836.80 |
The previous day high was 1964.07 while the previous day low was 1938.15. The daily 38.2% Fib levels comes at 1954.17, expected to provide support. Similarly, the daily 61.8% fib level is at 1948.05, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1945.28, 1928.76, 1919.36
- Pivot resistance is noted at 1971.2, 1980.6, 1997.12
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1964.07 |
| Previous Daily Low | 1938.15 |
| Previous Weekly High | 1983.50 |
| Previous Weekly Low | 1932.12 |
| Previous Monthly High | 2079.76 |
| Previous Monthly Low | 1932.12 |
| Daily Fibonacci 38.2% | 1954.17 |
| Daily Fibonacci 61.8% | 1948.05 |
| Daily Pivot Point S1 | 1945.28 |
| Daily Pivot Point S2 | 1928.76 |
| Daily Pivot Point S3 | 1919.36 |
| Daily Pivot Point R1 | 1971.20 |
| Daily Pivot Point R2 | 1980.60 |
| Daily Pivot Point R3 | 1997.12 |
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