- Gold maintains a bullish bias, but continues with limited rises above $1820.
- Rise in Treasury bond yields helps limit upside.
- XAU/USD is trading just $10 below its level a year ago.
The Prayed It is trading flat on Friday at the $1816 area, after rising as high as $1822 in European hours. XAU/USD again failed to hold above $1820 and lost momentum.
The dollar moves in no clear direction, while Treasury yields are advancing modestly. The latter may have contributed to limiting the rise of XAU/USD. Low volume is still key.
gold operates just $6 below the level with which it closed 2021. Despite being virtually unchanged, it was a heady year for the metal as it peaked above $2,050 in March, before bottoming out at $1,615 in August.
technical overview
XAU/USD maintains a bullish bias, which has important support at a trend line passing through the $1795 area. If it loses that level, a downward acceleration would be expected. Strong support is seen at the area of ​​last week’s lows around $1784.
Despite continuing upside risks, gold continues to struggle to assert itself above $1820, which can be taken as a sign of weakness. Should it break back above and firm, I would be positioned to extend the gains, with the next resistance at $1830/$35.
technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
