The price of gold, represented by #XAUUSD, has stayed muted at approximately $1,960.00 due to the US Dollar Index making efforts to bounce back.

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• Gold price has remained subdued around $1,960.00 as the US Dollar Index has attempted a recovery.

The pair currently trades last at 1952.70.

The previous day high was 1963.73 while the previous day low was 1952.45. The daily 38.2% Fib levels comes at 1949.22, expected to provide support. Similarly, the daily 61.8% fib level is at 1942.73, expected to provide support.

Gold price (XAU/USD) is demonstrating a subdued performance around $1,960.00 in the early New York session. The precious metal is struggling to deliver a decisive move as investors are hoping that the Federal Reserve (Fed) might skip the policy-tightening regime one more time this month.

After recognizing a consistent decline in inflationary pressures, Fed chair Jerome Powell skipped its policy-tightening spell in May but remained doors open for more rate hikes. June’s inflation report conveyed that price pressures have softened more than expected as prices of second-hand automobiles have dropped sharply.

Meanwhile, S&P500 is expected to open on a mildly bullish note amid a risk-on mood. The US Dollar Index (DXY) has delivered a short-lived pullback to near 100.00, however, the downside bias is still favored as fundamentals are still not supporting. The yields offered on 10-year US Treasury bonds have rebounded to near 3.79%.

In spite of the decline in price pressures, Fed Governor Christopher Waller delivered a hawkish commentary. Fed Waller is confident that two more interest rate hikes are appropriate this year to bring down inflation to 2%.

Gold price is gathering strength for further upside after a stalwart rally on a two-hour scale. An inventory adjustment is under process as inventory is exchanged between institutional investors and retail participants. Potential resistance is plotted from June 07 high around $1,966.70.

Upward-sloping 20-period Exponential Moving Average (EMA) at $1,956.33 is providing support to the Gold bulls.

The Relative Strength Index (RSI) (14) has slipped below 60.00, which indicates exhaustion in the upside momentum.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1956.29 at the time of writing. Pair opened at 1960.5 and is trading with a change of -0.21 % .

The pair is trading above its 20 Daily moving average @ 1927.75, below its 50 Daily moving average @ 1957.53 , above its 100 Daily moving average @ 1950.96 and above its 200 Daily moving average @ 1869.98

The previous day high was 1963.73 while the previous day low was 1952.45. The daily 38.2% Fib levels comes at 1949.22, expected to provide support. Similarly, the daily 61.8% fib level is at 1942.73, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1939.89, 1922.3, 1912.38
• Pivot resistance is noted at 1967.4, 1977.32, 1994.91

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