- Falling US Treasury yields weigh on the US dollar and boost the underperforming metal.
- On Tuesday, some members of the Fed will make statements.
- Federal Reserve Chairman Powell is giving a speech right now.
The oro extends its rally, rises for the third day in a row, while US Treasury yields, particularly 10-year yields, fall for the first day in three, standing at 1,778%. At the time of writing this article, gold (XAU/USD) advances 0.04% and trades at $ 1,808 during the American session.
XAU / USD Price Forecast: Technical Outlook
Gold has a neutral bias, as shown by the daily moving averages (DMAs) that reside in the range of $ 1.7924 $ -1.805, trendless and have been for the last three trading days.
To the upside, gold’s first resistance would be the January 6 daily high at $ 1,811.54. A breakout of the latter would expose the January 3 daily high at $ 1,832, followed by the November 16, 2021 pivot high at $ 1,877.
On the other hand, the first line of defense for the XAU bulls will be $ 1,800. A decisive breakout of that level would expose the 100 DMA at $ 1,793, followed by the daily low on January 7 at $ 1,783, and then the low on December 15, 2021 at $ 1,753.
Technical levels
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