Gold Price Forecast: XAU/USD aims to shift auction profile above $1,750 as US Dollar turns volatile

Gold price is looking for an establishment above $1,750.00 amid the volatile US Dollar.
Wednesday’s New York session will also release crucial economic catalysts apart from Fed Powell’s speech.
The United States labor market is facing the consequences of the Fed’s tight monetary policy.

Sagar Dua FXStreet

Gold price (XAU/USD) is aiming to shift its business above $1,750.00 after a meaningful recovery near $1,748.00 in the Tokyo session. The precious metal has sensed buying interest as the US Dollar index (DXY) has turned volatile ahead of the speech from Federal Reserve (Fed) chair Jerome Powell. This time, the speech from Fed Chair carries a significant impact as investors will get cues about a deceleration in the interest rate hike pace.

The USD Index has picked some bids around 106.60 after a downside move and is expected to remain on tenterhooks as Wednesday’s New York session will release crucial economic catalysts apart from Fed Powell’s speech. S&P500 futures have recovered some losses recorded in early Asia. The 10-year US Treasury yields are still rock solid above 3.74%.

The major catalyst that will have a significant impact on Gold price is the US Automatic Data Processing (ADP) Employment data. According to the preliminary estimates, the US economy has added 200k jobs in November vs. 239k added in October. The labor data is facing the consequences of rising interest rates, which has forced firms to halt the recruitment process due to rising expectations of a slowdown ahead.

Gold technical analysis

Gold price is displaying a sideways performance in a range of $1,740-1,760 on an hourly scale ahead of the release of key economic catalysts and Fed Powell’s speech. The 20-period Exponential Moving Average (EMA) at $1,751.00 is overlapping with the asset, which indicates a consolidation ahead.

Meanwhile, the Relative Strength Index (RSI) (14) is continuously oscillating in a 40.00-60.00 range, which states that investors have been sidelined ahead of key events.

Gold hourly chart

XAU/USD

Overview
Today last price	1752.18
Today Daily Change	3.44
Today Daily Change %	0.20
Today daily open	1748.74

Trends
Daily SMA20	1731.33
Daily SMA50	1689.86
Daily SMA100	1712.36
Daily SMA200	1797.44

Levels
Previous Daily High	1759.05
Previous Daily Low	1739.82
Previous Weekly High	1761.2
Previous Weekly Low	1721.23
Previous Monthly High	1729.58
Previous Monthly Low	1617.35
Daily Fibonacci 38.2%	1751.7
Daily Fibonacci 61.8%	1747.17
Daily Pivot Point S1	1739.36
Daily Pivot Point S2	1729.97
Daily Pivot Point S3	1720.13
Daily Pivot Point R1	1758.59
Daily Pivot Point R2	1768.43
Daily Pivot Point R3	1777.82

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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