Gold Price Forecast: XAUUSD pulls back from four-week high, remains strong

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  • Gold rises for the fifth day in a row, but slows the pace.
  • Bias remains bullish, although there are signs of a possible pause.
  • Above $1,775, next resistance at $1,790, which is the last defense for a comeback above $1,800.

The Prayed It climbed within hours of the Asian session to $1,780, reaching the highest level since July 5. It then fell back to $1768, from where it bounced. It is trading around $1775, with the bullish bias intact.

The yellow metal continues to be supported by the decline in the yields of Treasury bond that remain in the low zone in months. The 10-year bond yields 2.55%, a level not seen since early April.

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On Tuesday, the demand for the bonds comes from a cautious climate in the markets after several days with increases. The focus on Tuesday is on what may happen with Nancy Pelosi’s visit to Taiwan that may increase tensions between China and the United States. Regarding data, there will be no impact from the US on Tuesday, on Wednesday it will be the turn of the ADP and on Friday the official employment report.

Technically the short-term trend remains bullish on XAU/USD and it will remain firm if it continues above $1755. To the upside, the next strong resistance is seen at $179, followed by $1805.

Technical levels

XAU/USD

Panorama
Last Price Today 1775.63
Today’s Daily Change 3.43
Today’s Daily Change % 0.19
Today’s Daily Opening 1772.2
Trends
20 Daily SMA 1731.5
50 Daily SMA 1795.61
100 Daily SMA 1851.3
200 Daily SMA 1842.41
levels
Previous Daily High 1775.44
Previous Daily Minimum 1758.45
Previous Maximum Weekly 1768.04
Previous Weekly Minimum 1711.55
Monthly Prior Maximum 1814.37
Previous Monthly Minimum 1680.91
Daily Fibonacci 38.2% 1768.95
Daily Fibonacci 61.8% 1764.94
Daily Pivot Point S1 1761.95
Daily Pivot Point S2 1751.71
Daily Pivot Point S3 1744.96
Daily Pivot Point R1 1778.94
Daily Pivot Point R2 1785.69
Daily Pivot Point R3 1795.93

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Source: Fx Street

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